Mick Wallace (Wexford, Independent) | Oireachtas source

It is interesting that the Taoiseach puts the onus back on me. I will give two examples. An office block on Mount Street was sold off market in 2012 by NAMA to US fund Northwood for €27 million. In 2014, Northwood sold it for €42 million. Most of the money was financed by NAMA in the first place. This is in a country where small and medium-sized businesses cannot get a cent out of financial institutions. NAMA sold the Forum building in the IFSC in 2012 to US private equity firm Atlas Capital for €28 million. Less than two years later, it was sold for €37.8 million, a 35% profit. If the Taoiseach thinks this is good business, I think otherwise. They are just two of the smaller examples. The Taoiseach does not need me to give him details. Many of the details are out there and there is a lot of stuff that is not out there because, as the Taoiseach put it four years ago, NAMA is a secret organisation. Despite the fact that it was brought under freedom of information in April, people are finding it incredibly difficult to get any information out of it.

The sale of large blocks of apartments for less than it cost to build them is one of the reasons the private sector has not resumed building. There will be no serious increase in housing in this country until you build it yourselves. This is directly linked to the housing crisis and deserves investigation. The taxpayer has lost out badly and we are talking about billions. The Taoiseach did not set up NAMA but he can address the problem before it comes back to haunt him in the next term.

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