Mick Wallace (Wexford, Independent) | Oireachtas source

We will not be able to sleep tonight waiting for that.

The Minister of State referred to the private sector. As he might understand, I would not cut it out. Rather, I would consult with it. The private sector has a few different parts. The construction sector alone comprises land bankers, developers and builders. Most of the units currently being built will be rented rather than sold. One might say that at least they will be put on the market. The Minister of State said NAMA sold land that would allow 10,300 units of housing in Dublin alone, but whom was it sold to? Many assets are being sold in parcels so large that Irish individuals, including builders and developers, have not been able to buy them. The people with the deepest pockets have mainly come from places outside Ireland, such as America. NAMA refused to divide assets and sell them in such a way that private investors in Ireland could afford to get involved. I will not go into the decision to sell all of the Northern Ireland portfolio in one block; it is an argument for another day.

The Minister of State referred to land that would allow 10,300 units of housing. When will they be built? It is not attractive for a builder or developer to build a serious number of units in Ireland today. It would be difficult to get the money from a bank because the figures do not add up; too many assets have been sold in fire sales, particularly by NAMA and the banks. Units were bought too cheaply, for less than the cost of building them. How can one build and compete with such units? It is a major problem.

See this speech in context