Ms Ann Nolan:

NAMA will continue to process the debts it purchased either to develop or to sell. We expect it will have paid back the Government-guaranteed bonds by the end of 2018. The agency is obliged to have 80% of them paid back by the end of next year and to date, it has paid back 73%. Consequently, NAMA is well on target to make good on 100% of the primary debt. It also has subordinated debt, which is owed to the banks, and it expects to pay that back by 2020 because that is when it is due and I cannot think of any particular reason NAMA would pay it back early. In the meantime, one provision in the NAMA Act is that the agency is to consider dysfunctions in the market and at present - a Deputy made reference to it earlier - there is a clear dysfunction in the housing market. Within that mandate, NAMA has decided it will, through its debtors and others, build 20,000 houses between now and 2020, primarily in the Dublin area but also in other urban centres where they are needed and that work is continuing. NAMA also has some long-term development work in the strategic development zone, SDZ, area, particularly in the Dublin docklands, where the agency has a lot of property or property interests and that project is ongoing. There will be a decision whenever we do the review, obviously we will review the agency after it has paid back all the Government-guaranteed debt, as to what it intends to do in the long term with those long-term investments.