Joan Burton (Dublin West, Labour) | Oireachtas source

The PTSB then passed it over to Glenbeigh and then to Pepper. The value then was €890 million. Will Mr. Masding explain this to me? One way of reading the figure is that there has been a transfer at a valuation or book loss - it is a while since I practised accountancy - or a discount of more than 30%. I think that is a very generous deal for Glenbeigh. Maybe that is the value of a lot of the warehoused loans. I do not understand but would Mr. Masding agree that is the way many people would look at it? When that goes into the PTSB books, if I am not mistaken, that creates a tax loss because it is the write-down of a debt, and specific bad debts are always allowable, from my experience of tax, as write-downs.