Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I do not think that is correct. It is not my job to give out legal advice, but I believe that when there is a serious agreement between two people, even if they only shake hands on it, there is a contract. Some of the guarantees we saw before the sale were transmitted by way of e-mail and in written form. Therefore, I work under the assumption that there is a contractual obligation.

Lone Star and Oaktree are reputable organisations and I do not think they would welsh on their commitments. There is a tranche of loans which may be transferred to NAMA. We also have guarantees from NAMA that it will implement all of the protocols agreed with the Central Bank. To make doubly sure, I am preparing legislation. As I described, although we have sent the heads of the Bill to the Central Bank and are consulting the Attorney General's office, we are at a preliminary stage. There are complex issues which will take time to work out. We will work through them and underpin the voluntary agreements made with legislation in due course.

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