Brian Cowen (Laois-Offaly, Fianna Fail)

I have already outlined that it is expected that we will have the Bill published in July with a view to coming back to enact it in September. That remains the target of the Minister and that is the information I can bring to the House. I am surprised to hear the argumentation continuing from Deputy Burton who raised the matter on Leaders' Questions. I thought I explained clearly that the valuation methodology would be consistent and on the basis of commercial criteria applied to all assets regardless of where they are located. What took place yesterday in terms of the political dialogue between the Northern Ireland Executive and the Government was an agreement to brief the Finance Minister of the Northern Ireland Executive regarding the policy position of the Government such that they can understand and know where it fits into whatever policy initiatives they have. I made the point earlier, and it is well known, the NAMA legislation is not about organising fire sales everywhere but about trying to get a longer time horizon in which to recover value to these assets such that taxpayers' exposure can be reduced apart from ensuring the reductions are taken by the people who have the debts and the banks in the first instance. I made all of this clear less than one hour ago.

See this speech in context