Michael Mulcahy (Dublin South Central, Fianna Fail)

If the Deputy was going to make that proposition, he should have substantiated it. I want the record to be absolutely clear that builders or developers are liable to the banks for every cent of their loans once those loans are transferred to NAMA. If that is not the case, perhaps the Minister or someone else will tell us. I have been proceeding in this debate on the basis that the full liability of people who borrowed money from banks and whose assets are transferred to NAMA remains. The public should know this and any attempt to deceive the public in this debate is beneath the Members of this Dáil.

Market value relates to the current market value of an asset. I will not go fully into the area of economic value because the Minister will deal with that. However the question as to the gap between market value and the amount that will be paid for the loans is a fair question. On the business plan we received, that amount is €7 billion. It is a fair question to ask why that overpayment above market value is being made. As I and others asked previously, what would be the point of NAMA if it was just going to pay market value? Why would the banks need NAMA if all it was going to do was pay market value. There would be nothing to stop the banks ringing up an auctioneer and putting those assets on the market.

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