Michael McGrath (Cork South Central, Fianna Fail)

I thank the Minister for his reply. I am sure he will agree that the performance of NAMA, the most important State agency in our economic history, will be critical to the country in the next few years. We now have the benefit of almost two and a half years of NAMA being in operation. The agency has a difficult job of dealing with the fall-out from the collapse of the property market and the construction industry. It is in a position of absolute dominance in the Irish property market.

Last month, NAMA came before the Joint Committee on Finance, Public Expenditure and Reform. I asked the chairman, Mr. Frank Daly, if he was confident that NAMA would at least break even over the course of its lifetime. He stated his belief that it would and that he was confident it would.

Based on what the Minister knows at this point and accepting that these are still early days, is he confident that NAMA will receive the €31 billion it paid for the loans plus the running costs of the agency? When does the Minister expect the agency to complete its work and wind up?

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