Paul Coghlan (Fine Gael)

Yesterday's announcement on NAMA is disappointing and disturbing. It clearly shows that the business plan produced last year was a complete fantasy. We now know that 25% rather than 40% of the transferred loans are producing income. Basically, the banks supplied inaccurate information. Some of the people responsible for this remain at the top in the boards and senior management of the major banks which the taxpayer are recapitalising through the Minister for Finance. The Minister was wise to appoint public interest directors but neither he nor his Department is doing enough to clear out the banks. We cannot have confidence in these institutions until this process has been completed properly. These are the very people who are managing impaired portfolios for NAMA on an agency basis.