Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State.

The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40% of national income to national debt. As a result of this, as well as the mismanagement of the public finances, total Government debt now stands at over €200 billion, which is the equivalent of €40,000 for every man, woman and child in the State.

My priority, therefore, has been to use one-off revenue gains to reduce the debt incurred by public support for the banking system.

Moreover, I am also very conscious that the economy is approaching full employment and it is important that it reflects this at this stage of budgetary policy. I do not want to put in place pro-cyclical policies that could endanger our recovery.

NAMA's role in the funding of residential development is a key priority for Government. In this regard, NAMA is expected to fund the completion of 20,000 units over the period from 2016 to 2020.

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