Brian Cowen (Laois-Offaly, Fianna Fail)

In the course of his statement to the House yesterday the Minister for Finance stated:

The potential maximum book value of loans that will be transferred to the agency is estimated to be in the region of €80 billion to €90 billion [although] the amount paid by the agency will be significantly less than this to reflect the loss in value of the properties. In the longer term, if the agency were to fall short of recouping all of the costs, the Government intends that a levy should be applied to recoup any shortfall. All borrowers will be required to meet their full legal obligations for repayment.

That is the first point.

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