Mr. Brendan McDonagh:

We are trying to repay our senior debt by 2018 to get rid of the contingent liability hanging over the State, whose debt is still 100% of the size of the economy. It has gone from 24% just over 18 months ago to 5% now, which is great for investors who can look at Ireland and see that there is no black hole in its finances.

The Deputy asked about accelerated debt repayments.

One of my colleagues looked at this a few months ago; it is not up to date. However, by paying off our senior debt by 2018, we estimate we will probably save €500 million over the lifetime of NAMA by bringing forward our debt repayments, which is not insignificant in terms of the work that we do.