Enda Kenny (Mayo, Fine Gael)

As I said to Deputy Adams, the Minister for Finance has received some advice on the improvement in the situation in so far as NAMA is concerned. I remind him that it is important for the construction industry that there would be some movement in the property market in this country. I do not want a situation where because of a huge sense of fear on the one hand, as we had before the veneer of everlasting wealth occurred in the country, that somebody is not entitled to take a risk in respect of the purchase of property. One does not want complete stagnation because that stunts the opportunity to have a thriving construction sector, which is very important both for the economy, job opportunities and trade in general.

Deputy Adams will recall that the Anglo Irish Bank portfolio in the United States, for instance, was moved on quickly to the prime market and resulted in an extensive sale of assets of the order of €8 billion. The Minister for Finance, Deputy Noonan, has made the point that it is very difficult for him to have a group that can look objectively at the issue without being in some way connected or associated with either a property or persons related to a property that are now involved in the extensive portfolio held by NAMA. The Deputy is aware that the Minister has not been able to attend the House for personal, family reasons for some weeks. He is anxious to improve the situation because of the necessity to have a thriving, but not reckless, construction sector. I am sure when he decides to promote whatever changes he wishes, following the advice he has been given, he will bring it to the House.

It is fair to say that persons who wish to purchase property can either contact the developer or the examiner, as the case might be, or NAMA. I listened to the chairman of NAMA speak on radio some time ago when he dealt with the question of developers who are still employed by NAMA and on NAMA's books because of their capacity to run some of those enterprises. He dealt with that in some detail both at the committee and publicly afterwards. It is an issue in terms of the way NAMA was set up. It was given a specific remit to return value to the taxpayer. How one gets the best result on that is what interests the Minister now.

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