Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

My next question is, by what kind of benchmark can we judge this?

That is one type of benchmark by which we can judge the outcome of this process. It is very difficult to find effective benchmarks, but the other one I would suggest is a consideration of how the cost of winding down the €20 billion in Anglo Irish Bank compares with the costs incurred by NAMA for a proportionate wind-down of some of its assets. Might we find, for example, that the special liquidator process was actually a more efficient way of disposing of €20 billion than setting up a State agency in the form of NAMA? Alternatively, will we conclude that NAMA, with its complement of staff and so on, would have been a more efficient way to deal with IBRC? I am trying to find a benchmark by which to assess what is being done. It is fine to be given a figure, but what we really want to know is whether that figure represents value for money. We can only come to a conclusion in that regard by comparing what NAMA has done with what others in the same line of business are doing. I agree it is right not to have two State organisations essentially doing the same business, namely, winding down bad bank loans. I see the sense in that, but has the Department compared one with the other? I realise there are different scales involved here.