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

Generally speaking what the Deputy outlined is correct but while the nominal value was €74 billion, the purchase price of €31 billion was paid with bonds. As NAMA sells its loan books, it can repay the bonds. It has committed to repaying 80% by 2016. It is in a position to pay back all of its senior bonds and junior debt and still be in surplus. NAMA is not going to cost the State anything. Indeed, the latest predictions indicate that NAMA will have a surplus, which means in simple terms that it will turn a profit, at the conclusion of its transactions. The burden will not fall on the shoulders of the taxpayers because the sale of the loan books is paying off the aforementioned €31 billion. It is making good progress in this regard.

NAMA is fully accountable. I do not think the House generally knows that the Comptroller and Auditor General has responsibility for auditing NAMA and that five or six staff from that office are permanently assigned to examining all transactions in NAMA.

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