Michael D'Arcy (Fine Gael) | Oireachtas source

As a matter of information, a December 2010 agreement between Iceland and the UK and Dutch Governments on the Icesave debt had an interest rate of 3.2%.

Professor Lane's paper, which he presented us with prior to this morning's meeting, seems to indicate that he was critical of NAMA. It states that in the absence of medium-term liquidity support, forced deleveraging over a short timescale can be self-defeating by driving down property values in a fire sale process. I am taking that as a comment on NAMA.