Michael Mulcahy (Dublin South Central, Fianna Fail)

I accept that. I accept that the gap between what NAMA will pay and the market value is a genuine matter of concern. However, as the Minister pointed out on Committee Stage, it must be borne in mind that the State owns Anglo Irish Bank, which holds the largest tranche of loans being transferred and has warrants of 25% in Bank of Ireland and AIB. Therefore, five sixths of that €7 billion is already in public ownership. The Minister has also included provisions to deal with the building societies.

All I ask is that we are balanced and accurate in our debate, and there has been genuine debate. I was very impressed with the point made by Deputy Higgins about the socialisation of losses and the non-socialisation of profits.

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