Paul Connaughton Snr (Galway East, Fine Gael)

I thank Deputy Noonan for tabling this important motion on the floor of the House. One of the great problems in the financial markets is the lack of clarity. This results in a lack of confidence. Whether we are for or against NAMA, there is no point wasting time on the matter this evening. It is in place. Every time there is an assessment or an evaluation of NAMA there is a different answer. We were informed by the Minister some months ago that, over ten years, NAMA would realise and make a profit of almost €5 billion. Yesterday, Frank Daly, a man for whom I have great respect, stated this figure would be approximately €1 billion. This is code to inform the people that they are in for one of the largest losses ever witnessed. We have no idea where it will finish up but we can rest assured it will not make a profit.

If ever I heard remarkable wisdom, it was in the past 24 hours. I refer to cases of where homeowners cannot meet repayments. It had been suggested that perhaps the right thing for such people to do is close the door and throw the key away to someone and turn to the local authority to get a house. I have never heard such bunkum in my life. Where does the Minister believe the 2,500 people on the housing list in Galway will get a house? Where will the Minister get the money to build houses for them? What will happen to the houses out of which they walked? These are the very houses the bankers would have been perfectly pleased to confiscate through the courts if they believed there was some way they could sell them afterward or get money for them.

Let no-one suggest to me the home loan scheme, which was supposed to be the be all and end all, is any good. It proposed to do a great deal for the new, first-time house purchaser. However, only nine people in all of Ireland received a loan as part of the scheme in its two years of operation. The Minister of State with responsibility for housing was at it again recently. He maintained this was a good scheme. However, the way in which it has been implemented suggests the Minister wishes to ensure no one can get a loan and this has proved to be the case.

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