Brian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

On the social housing question, there are 3,800 properties identified, and 2,000 assessed. There is demand for more than 1,200 but I understand the qualification which applies, that what NAMA is dealing with is the demand from the voluntary housing associations, and they have indicated to NAMA 1,200 properties between them and local authorities. I understand only 70 properties have been transferred to date. Mr. McDonagh might clarify that. What has been done to accelerate it? NAMA stated that there would be a further 300 by year end. What is being done to accelerate that and to let those houses?

This has been my first such meeting and I welcome the opportunity to be here. I thank the witnesses for the report and for the opening addresses of the chairman and CEO of NAMA which were very informative.

On the social housing issue, I have been trying to get my head around where the wheel stops. The taxpayer and NAMA take over these impaired loans on the housing stock. There is then a lease arrangement with a voluntary body or a local authority, and NAMA receives money from a lease over a ten year period under the social housing lease arrangement. Obviously, NAMA brings in money on behalf of the taxpayer as a public body. Mr. McDonagh mentioned, in a reply to one of the members, that the option to buy after 15 years exists. The taxpayer, through NAMA, takes on the liability of the loan in the case of social housing. At what point does the wheel come around so that the taxpayers receive bang for their buck? At what point is NAMA in a position to make good the public finances in terms of benefit to the taxpayer in State assets?