Brian Cowen (Laois-Offaly, Fianna Fail)

If the Deputy wants the answer to the question, he should listen to what I am saying. As I was explaining, the policy announcement was made yesterday. Work will now proceed in regard to the evaluation of what exactly will be paid. The national asset management agency will purchase the assets through the issue to the banks of Government bonds. The amount paid by the agency will be significantly less than the book value to take account of the agency's estimation of the worth of the loans and to compensate the State for taking on these risks. The banks will have to take the associated losses. That work will now be undertaken. No money will be transferred to anybody until the estimation of the national asset management agency has been undertaken, after which we will proceed with the transfer.

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