Brian Hayes (Dublin South West, Fine Gael)

NAMA is following an international model where a vehicle such as this purchases loans at a hugely discounted rate to reflect the fact that the assets have been totally impaired. This is in line with the international standard to which we have signed up. Furthermore, the Comptroller and Auditor General would not certify accounts if he considered there was something untoward about the accounting procedures involved. Is the Deputy suggesting we move to using new methodology? The immediate impact would be a radical increase in the administrative and legal charges associated with the management of the property portfolio. I am not suggesting the Deputy is arguing for this, but it would be the impact of what he is suggesting. That would not be a useful exercise at a time when we are all trying to minimise costs. There is nothing untoward in the way the information is reported, either in terms of our domestic procedures or international obligations. This vehicle which I call the NAMA ship as it leaves port uses existing legislation to reflect the fact that the assets were purchased at a discount.

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