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

I am committed to publishing the review before the summer recess and will make a decision shortly afterwards. The decision on the strategy for the disposal of the residual NAMA assets will be announced publicly. The Deputy is well aware of the considerations involved. First, when one disposes of the assets underpinning the loan books NAMA has, the third party purchasers frequently tend to refurbish their purchase, be it an apartment or office block. That results in additional investment and people being put back to work in the building industry. Therefore, there is a big advantage to the economy in speeding up this activity. Second, a contingent liability is removed from the balance sheet of the State. This is a very important consideration. The contingent risk or liability to the State between NAMA and IBRC was €45 billion. Given what has been done in IBRC's liquidation and to date in NAMA, that contingent liability will be down to €15 billion by the end of the year. Obviously, that is also a big consideration. The point made on the balance sheets of the banks is equally valid.

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