Brian Lenihan Jnr (Dublin West, Fianna Fail)

The Taoiseach has varied the Order of Business for the Chair. I had better deal with the issues raised in the discussion.

The position on the bank losses in the NAMA legislation is as follows. The provision in the 2009 Act limits the amount of relief that can be claimed by participating institutions for losses carried forward from earlier years. It will limit the set-off of carried forward losses against trading income of a participating institution, and all other participating institutions in the same group, to no more than 50% of that income. The net effect of the provision is that the income of a group of participating institutions cannot be reduced by more than 50% by set-off of losses carried forward.

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