Michael Noonan (Limerick City, Fine Gael)

NAMA was a colossal enterprise. If the Deputy is familiar with the legislation, he will know it involved much work. Then the board had to be established, staff acquired and the agency put out as a going concern. Its first task was to transfer the impaired loans in excess of €20 million from the banking system. That has been accomplished, with the last of the transfers completed recently, and its total nominal value is now approximately €74 billion. NAMA is now disposing of property. I had conversations with the agency's chairman about its social mandate of which it is conscious and is fulfilling. It must be remembered it is not the agency's main objective.

I earlier listed some the social projects which it concluded but it is open to more. It is in discussions with the Department of the Environment, Community and Local Government which may make a large number of houses made available by the agency for social housing purposes.

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