Mr. John Moran:

The relationship with IBRC is set out in the relationship framework. Decisions on commercial matters are to be taken by the management of the bank concerned and, ultimately, by its board. Our interest is to ensure that the institutions are properly run. Where we consider that information made available to us would be helpful to the management of those institutions, we pass it on to them. In the disposition of any assets of the State, whether held directly or indirectly, we have an obligation to secure the best price for the taxpayer.

It appears there are a lot of unfounded allegations about partiality in respect of the disposition of the assets. I share some of the concerns expressed by my colleagues about that. These are loans in respect of which money was advanced to people who have had the ability since the beginning of this process to buy back the loans at the prices advanced to them. To the extent that anybody would like to buy loans at a discount, that is a cost to the taxpayer. My interest, which is shared by my colleagues and the management of the various institutions held by the State, is to minimise that discount to the extent possible. We are going through a process, as part of the special liquidator process, which can be cut short at any moment and by any borrower who pays back his or her loan to the taxpayer. If borrowers decide to go through the process, they have an open and equal opportunity to participate in buying their loans back, in most cases at a discount and, therefore, at a cost to the taxpayer. It is important that the process takes place in a way that allows everybody equal access to information and equal opportunities to make the best bids they can. That is how we will discharge our responsibility to protect the taxpayer.