Eoghan Murphy (Dublin South East, Fine Gael) | Oireachtas source

In his opening statement, Mr. McDonagh said that NAMA was established to achieve the best financial return for the State from the assets entrusted to it. However, the legislation does not exactly say that. The legislation is open to interpretation as to what exactly NAMA is meant to pursue above and beyond the value of the assets as it acquired them in 2009. Looking back to Mr. Brian Lenihan, he said that the amount the borrower owes will not change because of the transfer of the loan from the bank to NAMA. However, as we have heard on previous occasions when Mr. McDonagh has appeared before the Committee of Public Accounts, that view has changed in NAMA and Mr. McDonagh is looking to realise the assets as best he can over a ten-year period. This will become more important as debtors begin to work out Irish property in the market. A debtor who works with NAMA, makes the repayments and recovers the cost of the assets as they were purchased by NAMA in 2009, will be let off after a period of two years. The statement made by Mr. Brian Lenihan when the legislation was originally enacted is no longer the position. We have seen a bit of creep.