Eamonn Maloney (Dublin South West, Labour) | Oireachtas source

I thank the Ceann Comhairle for selecting this topic for debate. The statement yesterday from NAMA announcing senior bond redemptions totalling €700 million will have caught the attention of most of us. We may have had reservations about the establishment of NAMA - a unique body set up in what were unique times when the economy and banking system collapsed - and although we would have hoped such things would not happen, that was not the case. Unfortunately, questions must be dealt with, including the rebuilding of banks and the economy, and whatever our reservations about NAMA, it has a role to play. I had great reservations about NAMA, particularly when the progress that it would make was first indicated. I was not a Member at the time but I took some interest in the issue because I had just lost my job and NAMA was dealing with properties. As taxpayers, we contributed to the process of taking such properties into NAMA's ownership.

It is worth noting some of yesterday's statement from Mr. Frank Daly of NAMA. He said:

Three years ago, the board decided it would aim to reduce NAMA's debt by 25% by the end of 2013. We are very pleased that this first crucial milestone has now been met, despite the difficult market conditions that have prevailed in Ireland during the intervening period. The milestone attained today is an important one[.]

It is interesting that this achievement is exactly what was targeted three years ago. I will put my hands up and admit I thought it was a lot to ask, but factors have changed, although that has unfortunately not happened at the rate all of us would wish. We have a recovery, despite its limitations, which I welcome.

In a broader sense, those of us honoured enough to be elected to the Parliament have seen different things happening as we have come here at a time of deep recession. All of us were here the night the former Anglo Irish Bank was closed down, which was an important action. It was not just symbolic. In a week we will exit the bailout and kiss the troika goodbye, although they will still eye us up. Nevertheless, they are on the way.

Perhaps the Minister of State will clarify whether NAMA's lifespan extends to 2020, which is six years away. I have tried to determine whether, depending on the market, this period can be shortened, which would be very good news for all of us as taxpayers. The money invested by NAMA is our money. I have always said that we should not celebrate or crow about the closure of Anglo Irish Bank or exiting the bailout and that we should be reserved, but although I am sure there is a fine group in NAMA, the end of that body will be something to celebrate.

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