Brian Lenihan Jnr (Dublin West, Fianna Fail)

Those who argue that I am transferring value to shareholders must agree that this is very much reduced by the fact that the State is in itself a shareholder for a substantial part of the system.

The proportion of the total consideration, which will be in the form of subordinated debt and therefore at risk to the bank and linked to the performance of NAMA, will be approximately 5%. Let me repeat this point; the protection for the taxpayer of the risk sharing mechanisms, and if necessary a levy, will ensure that any unjust enrichment of private shareholders by paying an allowance over current market value can be recouped, but of course if NAMA makes money, this will accrue to the taxpayer.

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