Richard Bruton (Dublin North Central, Fine Gael)

I want to ask questions to shed more light on what is happening. At the initial stages, we heard that every development loan, totalling €90 billion, was to be taken on by NAMA. More recently, it was indicated that it will be based on screening. Will the taxpayer take on the worst loans after this screening? What is the screening that will narrow it down?

What will be the role of the political process in approving and scrutinising the decisions of NAMA? Yesterday we heard that political consensus and buy-in across the spectrum was an important factor in gaining confidence in Sweden. Will the political process have a role in overseeing price setting and the markdowns? Will there be a system where there can be transparency and political accountability for this body, which looks as if it will be divorced from the political area?

The IMF suggested that if the write-downs are likely to have the banks below the waterline it would be preferable to adopt a model of nationalisation to avoid some of the extreme difficulties in valuation. The IMF presented figures that showed that the banks are potentially below water. What is the view of the advice tendered to the Minister?

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