Barry Cowen (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Minister of State for his response but I refer him again to the questions I asked. What discussions were held with NAMA recently regarding the budget announcement to increase social housing supply and when were they held? Notwithstanding the grave mistake to reduce the Part V contribution from 20% to 10% of private developments, the Minister of State said that of the 20,000 units that are to be built, only 10% will accrue to the State and NAMA will purchase them. He said this would be around the country but last week's announcement was Dublin specific. Six to eight months ago, 20% or 4,000 of these units would been provided but now only 2,000 will be provided. The budget announcement of 20,000 new units will supposedly address the deficiency in supply in urban centres throughout the country but last week's announcement related to 20,000 units being provided in the docklands and other parts of Dublin only.

NAMA is reputedly charging its clients 4% for funding while hedge funds from the US and elsewhere are charging between 14% and 16%. Will the Minister of State comment on the fact that a hedge fund sponsored by the State is also charging between 14% and 16% in conjunction with a US hedge fund meaning competitors are not being treated fairly?

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