Mr. Brendan McDonagh:

I will provide a breakdown of the 3,800 units that we have provided to the Department of the Environment, Community and Local Government and the Housing Finance Agency. In the case of approximately 1,300 of the 3,800 units, the demand has not yet been confirmed by the Housing Finance Agency to NAMA. The housing agency has not fully analysed them. There is no demand for approximately 450 units. This is because the local authorities have for their own reasons stated that they are not required. We will put approximately 600 of the 3,800 units on a list and give it to the housing agency. They have not been chosen because either they have been rented to the private sector or they have been sold.

This leaves a residual 1,500 properties with which we are currently active and we are examining them in terms of identifying what to do. We expect these units to come through in the coming 12 months. The Deputy asked why there are not more properties in NAMA. The loan portfolio we bought had properties hanging out of it but there were different types of properties hanging out. There are 800 debtors in NAMA. Some of them were involved in house building and some were not. Some were based in Ireland and others were not. This is what is available to play with in terms of the completed stock. We would much prefer if we could sell off all that stock and we do not mind who buys it. However, it does not appear that there is money available from the State to buy the stock at this stage and this seems to be the only option available. The policy decision of the Government seems to be the promotion of a long-term leasing option, but that is not something I can control.