Mick Wallace (Wexford, Independent) | Oireachtas source

Some €352 million was owed on the Avestus assets and it got them back through a shell company based in Luxembourg for €26 million. How can the Minister stand over this?

On a different issue, the Minister might be aware of a recent case in the United States involving a NAMA debtor versus NAMA and the National Asset Loan Management, NALM, it was argued by NAMA that NALM was a sovereign and, therefore, subject to the foreign sovereign immunity Act, which prevents lawsuits been brought against other countries. The US Court accepted NAMA's argument that NALM was a foreign sovereign but this is now being challenged.

As the Minister is aware, NALM is a private company. The Minister's Department has indicated to the IMF, the World Bank, the ECB and EUROSTAT that NALM is 51% privately-owned, which was done to get around the state aid rule. I am checking if the Minister's Department has any involvement in the US court case or if he is concerned that NALM is being portrayed as a State entity, when it is a private entity, of which the Government made sure.

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