Peter Fitzpatrick (Louth, Fine Gael) | Oireachtas source

I have four minutes and only just started. It could not be the case that my time is exhausted.

Mr. Peter Brown of the Irish Institute of Financial Trading has stated it is a stunningly good deal and that the terms agreed are quite amazing. Mr. Karl Whelan who is regarded as the expert on promissory notes is on record as stating, "This seems about as good as we could get ... I think this is a good deal for Ireland."

The remnants of the former Anglo Irish Bank and Irish Nationwide Building Society have been removed from the financial landscape. These institutions have cost the taxpayer €35 billion. There are significant efficient gains which will arise from the liquidation of the IBRC and the transfer of its assets to NAMA. The situation of those indebted to the IBRC remains unchanged and their debts will be unaffected. NAMA has proved to be very efficient in managing loan assets and pursuing developers in the best interests of the State. Pay levels in the agency, particularly at the higher levels, are significantly lower than those which obtained at the IBRC. The promissory notes relating to the former Anglo Irish Bank and Irish Nationwide Building Society served as a millstone around the necks of taxpayers. This does not change the commitment given by the European Union on 29 June last to break the vicious circle between bank debt and sovereign debt. We are still working to ensure we secure a further easing of the legacy bank debt.

See this speech in context