John Deasy (Waterford, Fine Gael) | Oireachtas source

I will start with the issue of undervaluing of loans and the allegations in the media over the past few days. The flavour of the allegations consists of questions about whether NAMA systematically undervalued loans and manipulated the price it paid banks for bad loans that staff were encouraged to deliberately undervalue. Some of the other allegations are that former employees of NAMA - I will not mention anybody - said publicly that they were among many people in NAMA to undervalue loans, meaning that many were doing this. One claim by a Member of the Oireachtas was that NAMA sold performing loans at a discounted rate to preferred bidders and that leaking of information was common. A key part of Mr. McDonagh's statement for me is that the person who was at the centre of these allegations had, in Mr. McDonagh's words, "no valuation role whatsoever". Effectively, he is saying that not only did it not happen, it could not happen, because that person had an administrative role and not a key role in respect of the valuation process. Perhaps he would deal with that. That is the central matter given what Mr. McDonagh said in the statement and the allegations that have been made in the press over the last few days. Not only did it not happen; it also could not happen. I ask him to elaborate on that.

Yesterday, I asked the Comptroller and Auditor General to give his opinion with regard to the reviews he has done in respect of loans and the valuations on those loans. He provided a comprehensive answer and I will ask him to come back to the process he and his office undertook with regard to this and his knowledge about the reviews that were undertaken by people and offices other than himself and his office and in the European Commission and in Northern Ireland for the sake of clarity. Perhaps Mr. McDonagh will comment on those allegations again, and I will then refer it to the Comptroller and Auditor General.