Michael McGrath (Cork South Central, Fianna Fail)

My primary motivation in raising this issue is to make the point that I do not want a situation to develop where NAMA will be obliged to sell assets in distressed circumstances in a market which may well be on the brink of recovery but in which it will not obtain the best possible return for the taxpayer. In the most recent memorandum of understanding with the troika, provision is made for the redemption of €7.5 billion by the end of next year. I not sure it is a good idea to be elevating commitments relating to the redemption of NAMA bonds into memorandums of understanding. We should retain an element of flexibility in order to give NAMA the opportunity to work out the assets in its possession over time. NAMA should dispose of these assets in the best possible circumstances in order to obtain the best return for the taxpayer.

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