Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Okay. Now, can I ask you there, Mr. Daly ... no, I understand the elements are, as I've ... in general as I've outlined, but can I ask you this: is it fair, from the viewpoint of the Irish people, to call this a surplus or a profit? Now, let me just explain. The chief executive told us, on page 3, "NAMA paid the [banks] €5.6 billion more than the private sector market would have paid them at the time of acquisition." In fact, the EU said this was state aid. Not only that but the valuation was set at 30 September, I think, 2009.