Kieran O'Donnell (Limerick East, Fine Gael)

It is likely that €47 billion will be paid by way of market value and the rest will be put into the banks. If we owned 51% or more of the banks, we would control their loan books and lending policies without interfering too much with their commercial activities. I am talking about the nationalisation of the banks and the use of taxpayers' money. The Minister's current NAMA mechanism will put much more pressure on the banks' core tier 1 capital than an alternative system would. I suggest that such a system - using market value and putting extra money in by way of ordinary shares in the banks - would have a better effect on NAMA itself, as a vehicle that would acquire assets at market value. It would improve the banks' core tier 1 capital ratios and thereby ensure they are not under as much pressure to lend.

See this speech in context