Brian Lenihan Jnr (Dublin West, Fianna Fail)

Part 3 sets out how NAMA will be financed, provides for the issuance of securities, including subordinated securities for the purchase of bank assets. It also sets limits on NAMA's borrowing powers and includes detailed measures in relation to their accountability.

Part 4 deals with the designation of the institutions eligible to participate. Part 5 sets out the methodology for the valuation of the assets. Part 6 provides generally for the mechanics of the acquisition of bank assets. Part 7 sets out two appeal mechanisms for participating institutions. If Members of the House want to devise a valuation method, as Deputy Kenny suggested earlier, that deprives me of an involvement in this position, I am quite happy with such an amendment as long as it establishes and protects the position of the taxpayer.

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