Michael D'Arcy (Fine Gael) | Oireachtas source

Thanks, Chair, Mr. Cowen. Could I go to core documents DOT/BCO Vol. 5, page 6? Mr. Cowen, in terms of the analysis for NAMA, the expectation was, and Minister Lenihan on the floor of the Dáil said it would be something between a 25% and 30% write-down. When the analysis was concluded it was a lot more than 25% to 30%, it was almost ... I think it was 59% was the average. Did the establishment of NAMA lead, subsequent to the guarantee, lead the State with no option but to accept the bailout?