Mr. Brendan McDonagh:

In terms of the IBRC valuation, that has been handled by the special liquidator. We have no role in the valuation of the assets. The liquidator will value them and offer them to the market. It is great if the market buys them, but if it does not, they will go to NAMA as we are the reserve buyer. That is what the Minister has directed and that is part of the legislation in terms of the IBRC liquidation.

In terms of what we will do with the €4.1 billion cash balance, €1.25 billion of it will be used to meet the €7.5 billion target by the end of the year. We are also directed by the Minister to keep €1 billion on stand-by to give to the special liquidator if he needs it for capital for the very businesses Deputy O’Donnell mentioned, which are within the IBRC, if they need money and he decides it is worth advancing money to them as working capital. That is guaranteed by the Minister in terms of getting it back. We are always conservative in terms of holding enough cash on NAMA’s hands. Many people think Ireland is broke and that we are desperate to sell assets at whatever price they offer. I say to potential investors that it is lovely to meet them and thank them for coming to this country. I say that we really want to do business with them but when I say we have €2 billion cash in the bank, their faces drop because they realise we are not a distressed seller. That is very important from the point of view of value for money for the taxpayer.

We actively engage with the IDA. In Limerick, not only have we spoken to the IDA but we have also spoken to the new city and county manager, Mr. Murray, who is a very able and competent man. A number of items are under discussion in terms of where we might potentially have premises which might be useful. As Deputy O’Donnell is aware, in Limerick no more than elsewhere, we say to people that if we invest money to complete a project or develop something, we want to know that someone will be there rather than it just being a question of building it and they will come. We have enough buildings around the country. Limerick is one of the key strategic locations in terms of where we have our assets. Through active engagement with Mr. Murray and the IDA, Deputy O’Donnell will begin to see solutions.