Damien English (Meath West, Fine Gael)

I asked the Minister about the NAMA business plan before and never really got an answer. He claims the plan will wash its own face and make profit eventually. I am concerned that, in respect of the debtors, including developers, who owe money to banks or NAMA, there is already a roll-up of interest amounting to nearly €10 billion. Why does the Minister or NAMA believe that, after the transfer of loans to NAMA, the debtors will begin to pay their debts? The Minister claimed a number of times he will chase debtors' assets and obtain what is owed. Even the "haircut" of 50% will not be enough because the market value is approximately 20%. How can debtors pay their debts?

I understand many debtors' assets are totally separated from their debts. Like the Minister in respect of NAMA, they also set up special purpose vehicles and companies. The Minister may laugh all he wants but he should note they were ahead of him in respect of NAMA. They used such vehicles when borrowing money to separate their personal assets from their debts. It is unfair of the Minister to tell the taxpayer he will pursue them when he probably cannot do so. If he knows the percentage of loans he cannot pursue, I would like to have it. I have asked for it before but I have not got it.

The last part of my question relates to the banking inquiry. The Minister has an interview with Mr. Brendan Keenan in today's paper, although I have not read it yet. Mr. Keenan made a very good point some months ago to the effect that we have to investigate the relationship between the regulator and the then Taoiseach, Deputy Bertie Ahern and the Government. Was the regulator acting stupidly, on his own behalf, or was there a direction from Government as regards the manner in which he behaved? I just want confirmation that this will be investigated as part of the banking inquiry.

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