Brian Cowen (Laois-Offaly, Fianna Fail)

At issue is the draft plan brought forward in October, the first line of which states it is based on information provided by the banks. As the House is aware, there was much surprise in the banking system as to the aggressive nature of the writedowns with which NAMA came up. NAMA has decided, based on the data it has, what the value of those loans is and has paid accordingly. That is the reason.

I refer to the performance of loans. Some 25% of the loans are performing, but that does not change the value of collateral and present asset projections. That they cannot be paid by the borrower does not take away from the fact of the value of the underlying asset and the collateral which applies to it.

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