Mr. Frank Daly:

I thank the Deputy. As for my thoughts on NAMA right now, let us start where we are, which is in a reasonably good place. In terms of our strategic objectives, we are well ahead of target. In respect of the debt repayment, we are approximately two years ahead of target. As noted in the opening statement, we have redeemed 55% of our debt as of yesterday and our clear objective now is to redeem 80% of our debt by the end of 2016. While we are confident of that, it is not without its challenges and the two major challenges are keeping the staff we need with the expertise and obviously that the economy and the property market continue to move in the right direction. As of now, however, the primary objective of debt reduction is important both for NAMA and, in the wider scheme of things, for the country. It is vital with regard to its access to the markets, its standing with ratings agencies and in terms of its standing with the European Union, the European Central Bank and all of that.

Along the way, we also have been given two additional tasks, one involving the strategic development zone in Dublin's docklands. Again, we have gone into detail on this and again, we are very positive about it. The most important factor there is that Dublin City Council, not NAMA, is the development agency for the docklands but NAMA has been given a role in respect of co-ordination, cohesion and financing. We are the backstop with regard to financing as in effect, there is a €1.9 billion gross development cost there. We could finance that although we do not really want to be the ones financing it all and consequently are very open to joint ventures and to others coming in with us on that. Again, we are very confident about building out down there in a coherent way in response to demand, rather than in a speculative way and falling into the traps that perhaps were fallen into in the past decade.

On residential housing, including social housing, again the Deputy will see the figures in the opening report. We really are ahead of target on all of those with a mandate to deliver 4,500 houses in Dublin by 2016 and the possibility of up to 25,000 to 27,000 more in the years after that. On social housing, again NAMA is ahead of target in respect of the actual units delivered as of now to social housing bodies. This is important because while there is much talk about doing things in respect of social housing, NAMA actually has delivered. That is our present position across those three strands of debt redemption, the docklands and housing, including social housing, and I think we are in a good place. All of this, every bit of it, is facilitated by cash generation and we have had very good cash generation to date - including this year - probably generating more than €8 billion in cash. In some ways, this is an extraordinary performance, given where we were this time last year and given the targets we had for this year.

The Deputy asked me to carry out a retrospective review of the last five years. It has been very tough at times and has been highly challenging. NAMA has been obliged to deal with nearly 800 debtor connections. We are glad of the fact that we now have ended up working so positively with a high proportion, comprising 70% of them by value. Obviously, we wish to continue with that type of approach.

Looking back, it is hard to say what we would have done differently. If one goes back earlier, one might talk about acquiring the loans earlier but then we were in a process directed by the European Commission and the Government in that regard. I think we called the market right looking back over the past five years. As we were obliged to repay our debt, we had to generate cash. We also were obliged to pay for ourselves as we did not wish to be a drain on the Exchequer. Consequently, we were obliged to sell assets in the early years but I think we made the correct strategic decision to concentrate on selling in the United Kingdom market and to leave the Irish market pretty much alone because it was pretty fragile and damaged and any wholesale replacement of assets on the Irish market just would have make things worse.

Last year, we were able to rebalance that and got into the Irish market at the right time to get the market moving and now with the objective of providing office and residential accommodation. That is where we are strategically, with 80% of the debt gone by 2016. Right now, it looks as though that element of NAMA's work, the total debt repayment, will be finished by 2018. Obviously, the docklands and the housing are somewhat longer projects but I suppose they really are a different type of NAMA.