Mr. Seamus McCarthy:

As this is a resumed session on the NAMA financial statements I do not propose to outline again the key results in relation to NAMA’s 2014 financial statements.

I did mention previously that under section 226 of the 2009 NAMA Act, I am required every three years to carry out a review of the progress NAMA has made towards achieving its overall objectives. The next report will cover NAMA’s progress up to the end of 2015. I indicated to the committee in July that when preparing the next section 226 report I intended to look in detail at a sample of NAMA’s disposals and a sample of properties held by it for investment. Work on the examination has commenced. Given the size of the Project Eagle disposal and the scale of the loss incurred on the Project Eagle sale, relative to the amount paid by NAMA to acquire the loans, my intention is to examine that disposal as part of the review. I will consider preparation of an interim special report to present my findings on the disposal process.