Joan Burton (Dublin West, Labour)

Does the Minister agree that in the longer term, the bond markets are likely to count NAMA bonds as part of Irish debt? While I agree with the Minister that there has been much favourable international comment in regard to wage reductions, for example, and a favourable comparison of Ireland with Greece, that is unlikely to sustain itself as the NAMA process works through because the level of Irish debt is rising dramatically.

What is the status of the NAMA bonds, which mature every six months? The Minister has used a phrase of his adviser, Dr. Aherne, on several occasions, when he observed that for the first six months the NAMA bonds would "wash their face". What happens after the first six months? Will the Minister confirm that the receiving banks can cash the bonds as opposed to holding them or using them with the ECB in terms of the capital structure? Is that not a legal condition within the NAMA legislation?

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