Michael Noonan (Limerick City, Fine Gael)

There is not really a timeline set down by NAMA's creditors or the European authorities. There are figures in the programme but there is flexibility in those. So far, NAMA has sufficient moneys to fulfil its objectives. The Deputy will recall when we needed to make a payment on a promissory note, it was cash in hand from NAMA that did it until Bank of Ireland could organise a shareholders' meeting to do it. That money, some €2 billion, was paid back in mid-June.

NAMA keeps cash in hand. Between now and 2016, it will use €2 billion to improve the quality of the properties it holds. Some properties, such as blocks of apartments, are unfinished. NAMA enhances the value of the property and then moves it on. Of course, it can use the money in question on a roll-over basis.

There will also be a second fund of €2 billion, as announced by Mr. Frank Daly, which will focus on vendor financing. As a result, there will be two funds and each will contain €2 billion. The first will pay for the refurbishment and improvement of NAMA's asset base and the second will finance joint ventures with developers to either enhance existing properties or develop them from scratch. IDA Ireland has been in discussions with NAMA because there is a shortage of high quality offices in Dublin that would be suitable for the new tech industries. IDA Ireland has asked NAMA to help to fill the void in this regard.

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