Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

An additional point is that if the property market is on the way up, NAMA and, by extension, the State stand to be the largest beneficiary and we could lose out in a rising property market if NAMA is forced to wind up early. That consideration needs to be taken into account. My information is no better than that of anybody else on what direction the property market will take in the next few years, but if the evidence is that it is on the rise and that it is likely to continue to rise for the next few years, this might also influence the Minister's decision. While the National Asset Management Agency Act makes it clear that the primary objective is to repay the senior debt of €30 billion and the subordinated debt of almost €2 billion, we want NAMA to make a profit. I know that the Minister was initially against its establishment, but it is doing very well and seems to be completing its objectives and if it can make a profit and, therefore, make some inroads in the recapitalisation of the banks which was crystallised by the establishment of NAMA, it would be an even better day for the taxpayer.

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