Mick Wallace (Wexford, Independent) | Oireachtas source

Section 2(b)(viii) of the NAMA Act provides that NAMA should "contribute to the social and economic development of the State". At the housing committee, Frank Daly of NAMA stated that "the biggest social dividend we can deliver indirectly is to pay this back as quickly as we can". He was speaking of the debt, much as the Minister was now. If NAMA returned what it called a profit of €2 billion or €2.5 billion over the 11-year period, it would be looking at a return of something in the region of 7%. The vulture funds would not dream of buying from NAMA unless they were guaranteed a minimum of 20%. In most cases, they are getting a lot more.

My point is that NAMA is talking about delivering houses for €330,000 each. If 10% of them were social houses, it means that 90% cost more than €300,000 each. Of those in Ireland that need housing today, 90% of them cannot possibly afford a price north of €300,000 which is what NAMA is seeking. Would the Minister consider getting NAMA involved in providing affordable and not just social housing? At the moment, Dublin City Council states that it can provide a three-bedroom house for €205,000.

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