Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

That is NAMA's position but it means NAMA is not pursuing certain developers, who owed the loans, for the full value of the loan. This means NAMA has cut its cloth and has decided it was not going to get back the full value and so it will sell off the loans. In my example of a loan of €100 million taken out from Anglo Irish Bank or wherever, purchased by NAMA for €40 million and sold to a third party, there is a write-down of 59% in that case. I am not saying that my example happened. These are substantial write-downs by NAMA and whether the third-party pursues the developer is immaterial because it will not benefit the taxpayer. Under section 10 of the Act, NAMA is challenged with getting back the money paid for the loan, at a minimum, but to recoup the full value of the loan, making up the €72 billion the Irish State paid to the banks through recapitalisation. At an early stage, NAMA is calling it quits on a number of these loans.