Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

NAMA has a mandate to provide 20,000 homes. As it reaches the conclusion of its work, there has been some discussion about its role, which brings me to Deputy Cowen's question on what was happening in this regard.

The Minister for Finance, the Taoiseach and I have done work in recent months to examine whether there may be a new focus for NAMA when it completes its primary mandate, which is to repay the €32 billion in debt that it took on on behalf of the taxpayer after the banking collapse in 2008. We set up NAMA as the bad bank to warehouse and manage those debts. We are now able to have a better-functioning banking system. That was the initial primary mandate of NAMA.

We have a problem with land-hoarding and that is why we have the site levy. It is going to come into effect from 1 January next because that is when the register will be running. In 2019, people will be levied retrospectively from the beginning of 2018. There has been consideration and discussion about the vacant site levy and whether or not it can be enhanced. That will be announced at another time.