Derek Nolan (Galway West, Labour) | Oireachtas source

Mr. Daly is getting to my point, namely, that the position has deteriorated since NAMA was established. The agency's projection that it would make a profit of €1 billion has changed to one where it expects to break even. Given that only one third of the NAMA project has been completed, I am worried that in one or two years the projection may change again to one of making a loss of €1 billion or €1.5 billion. I am trying to tease out with the witnesses how fragile the market is and the possibility that it could move in one direction or the other. The point I am trying to make is that the situation is volatile. When I asked representatives of NAMA about the base case at our previous meeting, they stated they were certain the agency would break even. I am trying to find out, in percentage terms, what is the risk that we will not break even but will instead make a loss.