Willie O'Dea (Limerick East, Fianna Fail)

NAMA is a State body not subject to tax. The SPV will be subject to tax because it will be in possession of a great deal of property and it is the SPV which is the property owner and the entity holding the title to the properties. If there was one major, dominant player in the property market which was not subject to tax, this would seriously distort the market. My understanding is that the profits made by the SPV will be subject to tax in the normal way. If it pays a dividend to NAMA, that will not be taxable. That is the position, as I understand it.