Mr. Frank Daly:

I will focus on the unit in NAMA that has dealt with social housing and the National Asset Residential Property Services, NARPS, and has dealt with the engagement with the local authorities on social housing. I would say that NAMA absolutely has that expertise. The board of NAMA has that consciousness about the bigger picture at all times. I do not want to rehearse the arguments about our remit and the constraints on us, if the Deputy wishes to refer to them as that. Deputy Connolly referred this morning to the requirement in the Act which enjoins NAMA to take account of the social and economic dividend. There are several ways in which one provides a social and economic dividend. We would argue and we have argued before that the most effective dividend that we have delivered is to remove the €31 billion contingent liability from the State and part of that dividend will be the €3.5 billion that we will return in a year or two. Part of that dividend is the 13,000 houses delivered that the Deputy mentioned; as well as the docklands. There are all sorts of ways of delivering a social and economic dividend. I think that within the parameters of our mandate and the constraints on us in the Act - it will be for others presumably in five or ten years' time to do very learned papers on what NAMA contributed - I certainly will be arguing they are elements of the social and economic dividend we have delivered.