Mr. Brendan McDonagh:

Deputy Stanley is correct in the figures, although he has slightly rounded up. There is approximately €30 billion in senior bonds and €1.6 billion in subordinated debt. Our objective is to pay off the two amounts combined. As Mr. Daly stated, we are confident that we will pay off the senior debt and we are reasonably confident we can pay off the sub-debt as well. Sitting here today, 2020 is a long time away. The economy is recovering and one would hope that by 2020 the economy would have recovered much better.

The banks have also been recapitalised to deal with the fact that we may not pay off the full subordinated debt and they have taken provisions against it. In their published accounts they value NAMA subordinated debt at about €500 million for the €1.6 billion we have given to them, but over time as we meet our objectives and pay off senior bonds, no doubt they will write up that figure from one third to par. We certainly have the objective that we will pay off all of our debts and that there will be no residual cost to the taxpayer.