Michael Creed (Cork North West, Fine Gael)
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I want to raise a number of points in sequence with the NAMA representatives, and I thank them for attending and for their contributions. The point raised by Deputy Donnelly goes to the core of the issue of evaluating performance in the interests of the taxpayer: is NAMA achieving a profit from the asset disposals? It may be wrong to say the representatives did not have this information at hand, and part of it may be in the answers submitted, but I refer to the bottom of page 5 of the document submitted prior to the meeting, which states that to the end of June 2014 NAMA had sold debtor loans with a nominal par value in excess of €12.5 billion, and with regard to that, there was a loss of €227 million.

When NAMA uses the term "par debt value", does it refer to the purchase price into NAMA or the original amount lent by the banks?