John Perry (Sligo-North Leitrim, Fine Gael) | Oireachtas source

I am glad to hear that there is an understanding and respect for those involved in consortia. We have all heard about the cases involving larger companies but the backbone of Ireland is small companies. Many of them got involved in ill-conceived investments that were not connected to their main businesses. We need to revitalise that engine of job creation. I would be very interested in receiving a report on the NAMA discussions with AIB. In questioning NAMA about its operations, we must also incorporate AIB.

I wish to ask about US vulture funds from the perspective of job creation. What is the role of such funds in job creation? This is a very critical time for NAMA and I wish to compliment the board on what it has achieved to date. However, in terms of reaching a final outturn by 2018, the period ahead could be particularly difficult. NAMA will be dealing mainly with residual debt, much of which involves the smaller consortia to which we have referred. While I know NAMA is doing its job well, I hope the intermediary banks will fulfil their mandate too. The US vulture funds have played an important role in the property market in Dublin but they will not invest in the regions. There is a judgment call to be made in that respect.