Brian Lenihan Jnr (Dublin West, Fianna Fail)

To take the contentions made by the Deputy in turn, first, an estimated figure of €23 million to date was cited by her. Of course, the bulk of that sum was discharged by the banks themselves as part of the recapitalisation arrangement - the banks were obliged under the recapitalisation arrangements to defer these expenses. In view of the crisis that emerged in September 2008, Merrill Lynch was engaged on the recommendation of the NTMA and, at my direction, without a tendering process. For that reason, a subsequent tendering process took place and Rothschild secured that particular tender. 4 o'clock

The figures mentioned in the business plan are indicative figures. We will have a further opportunity to discuss them on the establishment of the NAMA board. Clearly, those figures include a substantial amount required to be paid under EU rules, where the loans are left under the management of a particular financial institution.

The question of the 8% is something that is implemented in the context of each particular contract. I will write to the Deputy with further clarification on it, because I do not have information to hand about whether the 8% is factored into the tendering procedure.

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