Brian Hayes (Dublin South West, Fine Gael)

I was aware that the three economists in question raised this issue in the course of their presentation to the committee, but the three economists do not have access to the books of Irish Bank Resolution Corporation and how they can make that definitive statement is difficult to attain.

I understand Deputy Pearse Doherty's point. He is correct that when the promissory note procedure was put in place there was an average set out for the period of time, but, as he will be aware, that goes up or down. In trying to calculate with any degree of accuracy the total amount involved, Deputy Doherty, for the information of the House, gave the figure of €37 billion. It could be less than €40 billion. Who knows? In the circumstances of where we are at present, it is impossible to be definitive.

I also make the point, of which Deputy Pearse Doherty will be well aware, that much will also depend upon how much of this stuff we can sell. He is probably aware of a very substantial sale of these assets last year in the United States which was able to realise quite a considerable portion.

The variables will be: how much we can get rid of and where that interest rate will be. That is why it is difficult to be definitive at this stage. We are working at a process that has still another ten years to go.

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