Michael D'Arcy (Fine Gael) | Oireachtas source

I think somebody gave Senator White the wrong speech on the wrong legislation as it was not relevant to any of this. I am glad Senator Barrett is here. We are about to head back to the windowless room next week.

My issue is with the amount of money in the €55 billion fund. I understand about the bail-in of shareholders and the other forms of money and other kinds of requests that will come before the fund is accessed. Given the number of institutions concerned, however, the amount seems very small. Myself and Senator Barrett looked at the information that was given to the former Taoiseach and former Minister for Finance on the night of the bank guarantee. They were told the cost to the Exchequer would be €4 billion but it was €64 billion. I hope that the amount of €55 billion is not as incorrect, by multiples, as that estimate was.

Another serious miscalculation was made by others in the Department of Finance or somewhere else, who were advising the previous Administration on NAMA. The Minister informed both Houses that the writedown on the loan book of €74 billion would be 25% but it was 58%. Again they were wrong by multiples. I use the term "wrong" and have stopped using "inaccurate" because that would suggest they were somewhere close to the figure.

I do not expect the Minister of State to respond to my concerns now. Perhaps on another Stage he could provide a more detailed note on how the figure of €55 billion was reached. I would be more comfortable if it was €550 billion.