Written answers

Tuesday, 3 November 2009

Department of Finance

National Asset Management Agency

8:00 pm

Photo of Ruairi QuinnRuairi Quinn (Dublin South East, Labour)
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Question 156: To ask the Minister for Finance if the levy which is proposed to be introduced into the National Asset Management Agency legislation will take account of both the time value of money and the opportunity cost of money pumped into NAMA; if, for example, a levy is to be calculated after a ten year period, if the nominal amount of the shortfall to be recouped will be increased and decreased, as appropriate, to match the ten years of interest payments made on these funds; and if he will make a statement on the matter. [37685/09]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Minister, Department of Finance; Dublin West, Fianna Fail)
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The Deputy will be aware that I am proposing to introduce, by way of a Report Stage amendment to the NAMA Bill, a future tax surcharge on the participating institutions in the event of NAMA making a loss.

The basis of this charge, if applicable, will be a report by NAMA on its aggregate profits or losses from its establishment to the date that the Minister looks for the report. These profits or losses, will of course by their nature, take account of interest rate movements over the period. The report itself will be certified by the Comptroller and Auditor General.

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