Gerry Horkan (Fianna Fail)
Link to this: Individually | In context | Oireachtas source

NAMA has reported "profits". If assets of €100 billion are written down to €30 billion before they are inherited and are then sold for €31 billion, the argument is that NAMA made a profit when ultimately the State has already picked up the loss of €70 billion in the first place. It is a reduction of the loss from €70 billion to €69 billion. Is that basically the same point that Mr. Bush is making about the subsidies for vulture funds? An asset has been written down from €100 million to €30 million. That is sold for €32 million to a vulture fund and a profit is claimed. Mr. Bush said they are then basing bonuses on that €2 million, or something, but was there not a point in time when that €70 million was hit straight into the accounts?