John Gormley (Dublin South East, Green Party)

I am not aware of the position of other agencies but I will address the question of whether I favour current market value. If the Deputy is referring to the NAMA way of doing business, it is current market value plus a premium. I understand, and I believe it already has been in the public domain, that the site we are referring to has been written down by approximately 85%, if one is to believe reports seen in the newspapers. I have not received the accounts yet but I understand that is roughly accurate.

There has been significant depreciation in that site, which is to be expected under the current conditions, as we are in extraordinary times and this site was bought at the very height of the boom. We are now at the lowest end of the market. It is to be expected. I hope to receive the full accounts and Deputy Hogan will have the opportunity to go through them in detail. No doubt he will then have the opportunity to put questions pertaining to those accounts.

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