Brian Lenihan Jnr (Dublin West, Fianna Fail)

Discussions with the banks have not related to valuation methodology as that is a matter of policy which ultimately will have to be determined by the Oireachtas. At this stage the valuation discussions are taking place within NAMA and with my officials and in liaison with the European Commission at Brussels. The discussions with the banks relate to the identification of their impaired assets and it is essential that we have a profile of those assets as part of the essential preparatory work for NAMA.

On the suggestion of a special court, I will have it examined. However, the Commercial Court in the High Court works extremely well in Ireland. There are greater difficulties with the operation of judicial review and we certainly do not want NAMA marooned in a labyrinth of legal proceedings so that is an important matter. The Attorney General is represented on the steering group and I know a great deal of attention is being given to this aspect.

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