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

Housing provision is currently in crisis. That has called for better delivery by NAMA in respect of the social dividend that was promised when it was set up. It now appears that there was nothing new in last week's announcement in respect of providing additional units and that there will be fewer units available to the State in the form of a social dividend by virtue of the change made to the legislation regarding Part V earlier this year. NAMA will deliver 10% rather than 20% and what is being delivered is only being leased; it will not even come into the ownership of local authorities, which might have accrued the benefit, despite the fact that provision seems to be confined to Dublin. The Minister of State has yet to comment on my question, which I have asked twice.

I am asking the Minister of State to comment on behalf of Government on the fact that NAMA is reputedly charging its customers 4% for funding, which customers, in terms of their involvement with NAMA, are already in difficulty, while others wishing to operate competitively to make housing units available to people are being charged 14% to 16% for funding by hedge funds, including one set up by this Government.

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