Michael D'Arcy (Wexford, Fine Gael)
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Question 127: To ask the Minister for Finance his plans to amend the National Assets Management Agency legislation; and if he will make a statement on the matter. [1311/11]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Programme of Financial Support for Ireland provides for financial sector reforms including further deleveraging of the banks which is to be in part achieved by transferring land and development loans from AIB and Bank of Ireland to NAMA which had been previously excluded from transfer by virtue of their being below a value threshold of €20m. The Programme requires that "[t]he NAMA legislation will be amended to underpin the valuation and acquisition of these assets on a portfolio basis" and that NAMA will apply different discounts to categories of loans "based on NAMA's loan valuation experience up to the point of valuation.". I will be introducing proposals to amend the legislation in near future to allow for the transfer of these pooled categorised eligible assets.