Mr. John Moran:

On the Department's relationship with NAMA, I am not the Accounting Officer for NAMA. It was set up under statute with its own board and Accounting Officer and, therefore, has a different relationship with the Department than other bodies under its aegis. Notwithstanding this, the Department has an interest on behalf of the taxpayer in NAMA because of the presence of a guarantee in respect of the obligations on NAMA. As a result of this, the Department has two roles in the context of the issue before the committee.

In the early days of the establishment of NAMA in 2009-10 the Department of Finance-----