In the past half an hour or so, the report of the independent group on mortgage arrears and personal debt has been published. The report shows clearly that the reckless management and incompetence of the Government are now casting aside the approximate 33,000 people in mortgage arrears and the 250,000 in negative equity. The strain, anxiety and pressure on these people are difficult to understand or estimate and are far removed from the thinking of the Government. One of the only recommendations of the report is that both borrowers and lenders should act in good faith at all times. It is clear from the report that there will be no NAMA for those in negative equity and no sweetheart deals for those in either mortgage arrears or negative equity. This is a clear and deliberate contrast from the treatment meted out by the Government to both Anglo Irish Bank and NAMA itself. Greed and incompetence drove a situation where two independent banking reports indicate that 75% of our problems were caused by mismanagement and incompetence at home by Government.

In view of the fact that 250,000 people are faced with negative equity and over 30,000 are in mortgage arrears and in view of the fact that last week the Taoiseach admitted that over €20 billion pumped into Anglo Irish Bank has gone into a black hole and will never be seen again and that, apparently, this will be followed by a further €6 billion, €8 billion or as yet undetermined amount, will he confirm that there will be no further moneys pumped into Anglo Irish Bank? In respect of NAMA — which the Minister for Finance said would provide a wall of cash for business and provide a profit of €4.8 billion — what is the Government's estimate now of the hundreds of millions of losses that may well accrue from it?

Deputy Kenny misrepresents the position. There are no sweetheart deals with regard to the National Asset Management Agency. The dealings are on a loan by loan basis and they have been aggressively valued. We were the first country to do that and there is every prospect that will be recognised. There is no question of imposing a national asset management style approach to residential customers. We do not propose — as the Deputy seems to — to take the assets and sell them, because that is what NAMA will do. I cannot understand from where the Deputy's fuzzy thinking comes on NAMA.

The Taoiseach, without interruption.

The Deputy's line is a nice line to throw out, but if he thinks about it he will see it has the very opposite effect of what he claims he is trying to do. The Deputy should not put out his little by-lines and then expect they will not be referred to in the response. There is no question of doing that. What we are trying to do and what the interim report on mortgage arrears and personal debt is trying to do is to bring forward practical steps. The report makes certain recommendations to the Financial Regulator, which will be acted on and which he will seek to implement. Thankfully, the number of repossessions here has remained very low. This reflects the measures that have been put in place in the past two years and the code of conduct for covered institutions has had some effect. The need for people to engage, the question of a resolution process that will provide for consistency across the board for all institutions, and the avoidance of payment of penalty interest for borrowers who obtain the mortgage interest supplement — these are all of important practical assistance to the 30,000 people who find themselves in arrears for 90 days or more and the similar number who may have entered into forbearance arrangements with their lenders. While it is a big issue for every individual family which finds itself in that situation, in the overall context of the number of mortgages taken out in this country, the number in difficulty is a small percentage of the total. However, there is no room for complacency. The work of the group is ongoing and it will come forward with further recommendations in several months time. It is not correct for the Deputy to make the assertions he is making in this regard.

In regard to the NAMA situation, the central projection has been brought forward and that report will be published today or tomorrow. The central projection suggests there will be some profit made by NAMA. It also sets out other scenarios, some of which would see a higher profit for NAMA in certain circumstances and, given that we are dealing with a ten-year projection, it also refers to a lesser case scenario of some losses. Any such losses will be levyable as a surcharge on banks in any event. The portrayal of the report as showing that NAMA will be loss-making is not correct. The central projection sets out a profit over that period based on the data it has now, and those data relate to the information it has received as a result of the engagement it has had since last autumn with the banks. The draft plan stated very clearly in its first sentence that it relates to information that was then being furnished by the banks. There has been a rigorous and aggressive assessment of all loans on a loan-by-loan basis, and what has emerged is set out in the annual report today.