Brian Lenihan Jnr (Dublin West, Fianna Fail)

With regard to the involvement of HSBC and Jones Lang, they are assisting NAMA in devising a valuation methodology while not actually doing the valuations. They are engaged in provisional valuations for the purpose of their general exercise but they are not doing the valuations. I will have Deputy Burton's suggestion of an independent board examined as it is something that will have to be considered in the context of the legislation.

On the question of professional advice and professional advisers, I am glad to say that on this occasion, the NTMA engaged in standard tendering procedures in which I do not have any involvement. On the basis of those procedures it selected those whom it regarded as complying with the tender to the best possible extent in terms of price offered and in terms of the quality of the expertise available.

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