Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

I welcome the representatives from NAMA. I am very interested in the statistics and figures they have provided. It is a very clear indication of the work they have done as opposed to what people think they might be doing or not doing. I have two major questions. NAMA has identified €164 million worth of infrastructure development. The Minister for Finance said that €100 million would be provided for infrastructural deficits.

Mr. McDonagh said the entire €164.2 million was not required on stream immediately. Given the seriousness of the crisis, should there be a one-stop shop for dealing with the infrastructure deficit rather than a situation in which different people are handling it in various local authorities? Perhaps it could be done by an organisation such as NAMA. In past years, the National Building Agency dealt with housing and construction issues.

My other question relates to the failure of local authorities to take up housing units. I am surprised that NAMA has 2,457 units of accommodation available for local authorities to take up. According to the list of local authorities that NAMA gave us, the ones that have declined the most units are those that have the greatest demand - namely, Dublin City Council, Fingal County Council and areas of County Dublin, as well as Cork city and, surprisingly, Wexford. What is the issue? If NAMA has homes that it will make ready for occupation, it makes no sense that councils would refuse homes that are in the areas where they are needed. They are what we need.

The witnesses spoke about NAMA's commercial remit, which I accept and acknowledge. They also acknowledged NAMA's social remit. If one can borrow as cheaply as possible, this is the key to NAMA's work in terms of building and controlling the price of houses. NAMA will fulfil its commercial remit if its income is greater than its loan charges. If NAMA can borrow at 1% or 2% to build houses, it would make a huge difference to the cost of the homes. Do the witnesses have a comment on it?