Oireachtas Joint and Select Committees

Thursday, 20 September 2018

Public Accounts Committee

National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report

9:00 am

Photo of Catherine MurphyCatherine Murphy (Kildare North, Social Democrats) | Oireachtas source

Deputy Connolly made a point earlier and the witnesses might have a personal view on it that is different from that of the organisation. It relates to whether there is a benefit in having property prices rising. From a NAMA perspective, it is clearly seen as beneficial that property prices would rise and certainly do not fall. The witnesses would speak of the impact that would have on the amount returned to the Exchequer. This is not a siloed argument, however, as there will be a cost in housing assistance payments for the real economy, for example. There are other aspects to consider and I do not see where the social dividend lies. There was mention of 10,000 houses from the portfolio. While I accept the portfolio is not completely residential or available for use, a sizeable amount is available. The number seems very small and there is a social dividend aspect.

It certainly does not seem to have played out in housing. Does Mr. McDonagh accept that is a valid argument?

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