Michael McGrath (Cork South Central, Fianna Fail)
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I welcome Mr. Daly, Mr. McDonagh and the other guests. It is hard to know where to start as NAMA is such a big and powerful animal in the country at present. I will cover some main points, and I hope to come back in later if I can.

I will start with the global issue of NAMA’s performance and the expected outturn when it is eventually wound down. I am aware of the 80% target to repay senior debt by the end of 2016. Some €30.2 billion in senior bonds was initially taken out. There was some €1.6 billion in unguaranteed subordinated notes. Therefore, there is almost €32 billion. Mr. McDonagh said previously that he is confident that, at the end of the entire process, NAMA will at least have broken even. Since he said that, property prices have increased significantly. What is his current best estimate of where we are likely to be when NAMA has finally finished its work in 2018 or 2020?