Liam Twomey (Fine Gael)

When I brought forward a proposal that the levy should be introduced from the outset, I was ridiculed by the Minister for Finance on the basis that what I was suggesting would spook the markets. What will be the effect of the proposal that in ten years' time some of the participating banks will be responsible for the undefined losses incurred by Anglo Irish Bank, Irish Nationwide and any other institutions which have unbelievably bad loans?

No one will take any pleasure from NAMA failing. If, as time passes, a significant level of losses build up and if Anglo Irish Bank and Irish Nationwide disappear, the remaining participating institutions, which are dealing in a smaller and less profitable market, will be obliged to shoulder the losses to which I refer. We are not discussing the fairness of what is being done, rather we are concerned with the effect on the financial sector of that to which I refer, which sector, as already stated, may be obliged to take a further hit in ten years' time.