Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

I have another question and if I get the chance I will come back in afterwards. There is the matter of the write-off. The witness has stated NAMA got all the money back because it is measuring it not against the par value of €74 billion but rather the €30 billion-odd. At the time NAMA was set up, the then Minister for Finance, former Deputy Brian Lenihan, stated the loans would be pursued for the full original value and interest rather than the price NAMA paid for them. He stated developers would not be allowed to buy their own loans at a discount and NAMA repeatedly insisted this to be the case. The write-off is something in the order of €40 billion relative to that par value. It is huge. On 25 June, The Sunday Business Post reported that 34 debtors have been permitted to share the upside profits of projects where NAMA owns the debt, with agency negotiations with at least 20 other builders regarding potential deals or debt write-offs. There are profit-share arrangements taking place between NAMA and developers. I presume these are developers who have not repaid the money they owe. They have been bailed out. It is evident that NAMA has operated as a life support machine for developers to get them back on their feet and even provide profit-share arrangements. They are being given six-figure salaries, or allowances, effectively. How is any of that justified?