Brian Lenihan Jnr (Dublin West, Fianna Fail)

I am glad the Deputy at least acknowledges that valuation is the crucial issue, that the valuation of the transferred assets lies at the heart of what has to be done. To ensure best value for money for the taxpayer, loans will be transferred from the banks to the agency at an appropriate written down value, depending on an assessment of the value of the loans and the risk being transferred to the State. Valuations will be assessed in line with European Commission guidance and will be subject to EU state aid approval. Clearly, the advisory committee will have a great deal of work to do-----

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