John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Briefly Mr. McDonagh, I want to go back to a question I asked earlier in relation to the rationale that was given by many people at the time of the legislation to establish NAMA, that its establishment would lead to an increase in bank lending. I want to put a quote to you. It is a quote from the Dáil of 16 September 2009 during the discussion on the NAMA legislation. The former and late Minister for Finance said and I quote: "The establishment of NAMA and the removal of identified risky assets form the balance sheets should in itself improve credit supply." You said on the record already that you did not offer that opinion yourself to the Minister. Do you have a view or any evidence as to where that opinion was coming from? I was a Member of the Oireachtas myself at the time. A significant amount of the rationale for the establishment of NAMA was that it would lead to an increase in bank lending. Do you have any view to express to the committee as to where that opinion was coming from?