Brian Lenihan Jnr (Dublin West, Fianna Fail)

-----in establishing a basis with the interim managing director and elaborating on a proposal which can be translated into legislative form and considered by the House. Loans will be transferred from the banks to the agency at an appropriate written down value as determined by it. The assessment will have to be in line with European Commission guidance. The identity of the members of the advisory committee will be announced by me in the coming days. The level of discount and the terms and conditions of the transfer of assets will ensure the banks will not get off lightly. They will have to take an appropriate written down value of loans, taking account of the objective of the agency which is to operate commercially and optimise the return on such loans over time.

On the suggestions of secrecy made by the Deputy, with the charge that minimum information has been made available, I have always made it clear that the Governor of the Central Bank and the National Treasury Management Agency are available to brief her on these matters. However, there are commercially sensitive matters in relation to all the loan books which would affect the stability of the banking system and which, therefore, cannot be published in the House as a matter of course.

See this speech in context