Ms Michelle Murphy:

Let me make one point. I refer the members of the committee - it is a footnote in our submission - to the EUROSTAT ruling on the NAMA special purpose vehicle because a lot of what the committee has mentioned and what will be discussed at the meeting with representatives of the Department of Finance is and will be based on the interpretation of this ruling. It is important for committee members to be aware of the ruling prior to the discussions that will take place with the representatives of the Department of Finance because it gives specific details of how the special purpose vehicle should be run and the role of the Minister in determining its duration and that of NAMA and how it has been jointly created with a 51%:49% split between private investors and NAMA.