Stephen Donnelly (Wicklow, Social Democrats) | Oireachtas source

The figure of €20 billion refers to NAMA transactions, but when one includes transactions in IBRC, HBOS, Deutsche Bank, etc. one reaches a figure of €40 billion very quickly.

Revenue states the yield figure I used was too high at 9%. The yield I used was taken from the filed accounts of vulture funds and was net of normal interest deductions, business costs, operating costs and everything else. The only thing not included is the placing offshore of profits via PPNs. Revenue is grossly understating the scale of the money involved. If it is admitting that NAMA on its own had a figure of €20 billion, that is great, but it was not the only seller to vulture funds. They bought from many other people.

Accounting firms have listed all of this information. When taken as a whole, the figure reaches €40 billion. The net yield figure of 9% is from the vulture funds. The Minister did not respond explicitly, but I take it that his intent is that the 25% profit tax rate will be applied.

In that case and if there is no further leakage, we may not see a figure €900 million, but we should be seeing a figure of many hundreds of millions next year.

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