Pearse Doherty (Donegal South West, Sinn Fein)
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Question 56: To ask the Minister for Finance in view of his recent statements regarding ongoing negotiations of the State's bank debt with the EU, the consideration that has been given to seeking to limit the cost of any potential overall loss at the National Asset Management Agency; and if he will confirm that the State's exposure to NAMA forms part of the ongoing negotiations [35961/12]

Michael Noonan (Limerick City, Fine Gael)
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NAMA has been tasked with maximising its return on behalf of the Irish taxpayer. NAMA recently reaffirmed its expectation that the Agency will recoup for the taxpayer the Senior Bonds in issue as well as recovery of its carrying costs and the working and development capital advanced to debtors in the course of its business. NAMA's Annual Report for 2011, which will be published this month, will make extensive information available on the Agency's operations and will chart the substantial progress that NAMA has made towards achieving its core financial objective. NAMA has also, as the Deputy is aware, announced a significant programme of asset development and enhancement in Ireland over the period to 2016 and the availability of €2 billion in vendor finance for prospective purchasers of commercial properties controlled by its debtors and receivers. A number of other initiatives are being progressed by the Agency. These activities provide strong evidence of the measures being adopted by NAMA to ensure that it will meet its objectives under section 10 of the NAMA Act. NAMA's position is not under discussion in the context of the State's current discussions on bank debt.