Martin Mansergh (Tipperary South, Fianna Fail)

I am tired of the propagandist mantras introduced at regular intervals by Opposition spokespersons. I wish the discussion was a little more serious. This is not based on optimistic assessments by non-office holding Members. If anything, the opposite is the case. Assets will be valued at market value but the Minister has noted yields are well above average, indicating prices are likely to rise over time. That is the opinion of the market at least. This is not reflected, however, in the market valuation. The NAMA business plan assumes that rents have fallen by 20% and will fall by another 20%. The main valuation of the assets will be undertaken by the agency, which has tendered for valuers. This valuation will be supervised by the Financial Regulator, which will report to the EU Commission. It will not be undertaken by the valuation panel, which will only adjudicate on disputes at the end.

The core of the issue is whether the appointments to the appeal panel are an Executive matter, as the Minister contends, or whether they are an Executive and a legislative matter, as the Opposition is putting forward. This is the considered response of the Minister to the issues raised on various Stages and I am afraid I cannot accept the amendment.

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