Billy Timmins (Wicklow, Fine Gael)
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Question 14: To ask the Minister for Finance when he expects to publish the National Assets Management Agency business plan; and if he has discussed the key parameters with the Board following the decisions taken on the first tranche of loans. [24776/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Board of NAMA has committed to the production of an updated business plan which it will submit to me by 30 June 2010 and which is expected to be published shortly thereafter. The business plan is a matter for the Board. However, the CEO of NAMA has advised me that the Board when reviewing the business plan will take account of the actual data now available to it arising from the transfer of the first tranche of loans.

Michael D Higgins (Galway West, Labour)
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Question 15: To ask the Minister for Finance the number of National Asset Management Agency bonds that have been issued to date; the terms of same; the maturity of these bonds; the proportion of these NAMA bonds that are subordinated; the number of NAMA bonds that are envisaged for issue by year end and in total; and if he will make a statement on the matter. [25633/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The transfer of the first tranche of loans, totalling €15.3 billion in loan balances, from the five participating institutions concluded on 31 May 2010. NAMA issued bonds to a value of €7.7 billion to the institutions, of which 5% are subordinated securities. The senior bonds mature in March 2011 and are extendible at the option of NAMA. They are Government-guaranteed Floating Rate Notes and pay interest at a rate of 6 month Euribor or 6 month GBP Libor. The subordinated bonds are callable perpetual fixed rate bonds which may be redeemed from March 2020 onwards. Interest is payable annually on the subordinated bonds if NAMA is considered to be achieving its objectives.

NAMA expects to acquire some €81 billion in loans from the five participating institutions by February 2011. It is not possible as yet to estimate the amount of bonds that will be issued as consideration for these loans given that a very thorough due diligence process must take place before the final acquisition values have been determined.