Brian Cowen (Laois-Offaly, Fianna Fail)

On the NAMA legislation, Deputies will be aware we are working to a schedule in respect of this urgent legislation, which is complex. We hope to bring it forward for publication in July. That is the target set by the Minister for Finance. If necessary we will arrange for its enactment by a recall of the Dáil in, perhaps, September. The Minister is working hard on the matter as is the Attorney General who plays a key role in drafting the legislation and ensuring the legislative model of NAMA is robust and will withstand all legal and constitutional scrutiny.

On the issue raised by Deputy Burton, we are taking advice on the matter. Also, the legislation will require EU Commission approval in terms of arrangements that will be set up in regard to valuation methods and so on. The whole purpose of this is to reduce exposure for the taxpayer than would otherwise be the case.

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