Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

There are three points to be made.

When the chairman of NAMA, Mr. Frank Daly, spoke at a meeting of the Joint Committee on Finance, Public Expenditure and Reform, he said that subject to market conditions remaining favourable, NAMA "will have generated a surplus of the order of €2 billion to hand over to the Exchequer". That has been confirmed by the chairman. There was market failure on the housing side, as the Deputy knows, but it is repairing itself very rapidly now. To compensate for the market failure, we have got NAMA to provide houses. They are starter homes, by and large, as well as some apartments. There is a mix. I think there is a split of approximately 70:30. They are well under way. NAMA is seeking to meet its quota for 2016. It is doing this on commercial grounds. There is no anti-competitive practice or anything like that.

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