Eamonn Maloney (Dublin South West, Labour)
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I thank the Ceann Comhairle for selecting this topic for debate. The statement yesterday from NAMA announcing senior bond redemptions totalling €700 million will have caught the attention of most of us. We may have had reservations about the establishment of NAMA - a unique body set up in what were unique times when the economy and banking system collapsed - and although we would have hoped such things would not happen, that was not the case. Unfortunately, questions must be dealt with, including the rebuilding of banks and the economy, and whatever our reservations about NAMA, it has a role to play. I had great reservations about NAMA, particularly when the progress that it would make was first indicated. I was not a Member at the time but I took some interest in the issue because I had just lost my job and NAMA was dealing with properties. As taxpayers, we contributed to the process of taking such properties into NAMA's ownership.

It is worth noting some of yesterday's statement from Mr. Frank Daly of NAMA. He said:

Three years ago, the board decided it would aim to reduce NAMA's debt by 25% by the end of 2013. We are very pleased that this first crucial milestone has now been met, despite the difficult market conditions that have prevailed in Ireland during the intervening period. The milestone attained today is an important one[.]

In a broader sense, those of us honoured enough to be elected to the Parliament have seen different things happening as we have come here at a time of deep recession. All of us were here the night the former Anglo Irish Bank was closed down, which was an important action. It was not just symbolic. In a week we will exit the bailout and kiss the troika goodbye, although they will still eye us up. Nevertheless, they are on the way.

Perhaps the Minister of State will clarify whether NAMA's lifespan extends to 2020, which is six years away. I have tried to determine whether, depending on the market, this period can be shortened, which would be very good news for all of us as taxpayers. The money invested by NAMA is our money. I have always said that we should not celebrate or crow about the closure of Anglo Irish Bank or exiting the bailout and that we should be reserved, but although I am sure there is a fine group in NAMA, the end of that body will be something to celebrate.

Kathleen Lynch (Cork North Central, Labour)
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I am taking this matter on behalf of the Minister for Finance. As Deputy Maloney knows, the Minister is otherwise engaged, but he has given me an extremely comprehensive answer to his question. The Deputy is correct; we were very dubious and cynical about NAMA, but it is seldom that we see an organisation set up to do a specific task hitting all its targets. That comes from a combination of factors.

The primary mandate given to NAMA by the Oireachtas is to recover, on behalf of the taxpayer, the consideration paid for the loans acquired from the five participating institutions in 2010 and 2011. Yesterday, NAMA announced that it had met its first major milestone in this regard, the redemption of €7.5 billion, or a quarter of its senior debt, by the end of 2013. The milestone attained yesterday is very significant not only for NAMA in terms of its own progress but also because it was a key troika target and it reinforces, at a critical time in our recovery, the very positive international perception of Ireland as a country that is resolutely addressing its difficulties and meeting its targets.

NAMA issued a total of €30.2 billion in senior bonds and yesterday's redemption leaves €22.7 billion outstanding. The NAMA board has set a target of redeeming another €7.5 billion in senior bonds by the end of 2016 and its expectation is that all senior debt will be redeemed by 2020, with the effect of removing this contingent liability of the Irish taxpayer. In order to meet its debt redemption targets, cash generation is key for NAMA. As of last Friday, NAMA had generated €15 billion in cashflows, including €10 billion in disposal receipts from property and loans sales and €5 billion in other income, mainly rental income from assets controlled by its debtors and receivers. NAMA has also secured over €800 million in additional security for debtors' loans by taking charges over previously unencumbered assets and by reversing transfers. Much of the cash generated has been applied towards repaying NAMA's senior debt and meeting its €7.5 billion target.

NAMA has also generated sufficient cash reserves to cover its costs, including debt interest and loan servicing fees. As the Deputy noted, that is a significant feat. It is important also to note that NAMA is self-funding, is not a draw on the Exchequer and therefore is not a burden for the Government in the context of its annual budgetary arithmetic. NAMA is also in a position, as a result of its strong performance, to invest in various commercial and residential projects which, when completed, are expected to yield returns to assist the economy. NAMA's strong cash performance is a result of its market activities and initiatives, which in turn are helping to stimulate transactions in the Irish property market and support investment and employment in the Irish economy.

I will set out some examples of NAMA's activities and initiatives and the impact these are having in the Irish economy. By approving asset sales by debtors and receivers, NAMA is releasing a substantial flow of properties into the market. Its debtors and receivers have sold more than 3,000 individual properties in Ireland to date and currently have over €2 billion of Irish residential and commercial property on the market.

Peter Mathews (Dublin South, Independent)
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There is a substantial amount of script remaining. Does the Minister of State wish to read it into the record?

Kathleen Lynch (Cork North Central, Labour)
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Perhaps I can finish the paragraph. I can give what I have to the Deputy. It is a substantial response and this is a matter of extraordinary importance.

Peter Mathews (Dublin South, Independent)
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I agree.

Kathleen Lynch (Cork North Central, Labour)
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This includes a number of significant property and loan portfolio sales recently brought to the market in response to the increasing absorption capacity of the market here. These portfolios are attracting interest from large institutional buyers, including the promoters of recently established REITS.

This is a substantial reply.

Peter Mathews (Dublin South, Independent)
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It is comprehensive.

Kathleen Lynch (Cork North Central, Labour)
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This is an extraordinary success story. It points out to me, as somebody in the Government, the talent we have in Ireland for managing these issues. I will give the rest of the reply to the Deputy.

Peter Mathews (Dublin South, Independent)
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Does the Deputy have a copy?

Eamonn Maloney (Dublin South West, Labour)
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Yes. The statement is very comprehensive and any queries I have are answered, particularly my question about the property market. It is the most comprehensive reply I have received in almost three years here.

Peter Mathews (Dublin South, Independent)
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The Deputy raised a very good question.

Eamonn Maloney (Dublin South West, Labour)
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I thank the Acting Chairman, who is also very good. There is no need to take up any more time. It is worth repeating - this should not be taken as being disrespectful - that I look forward to NAMA completing its work. I also look forward to the end of dole queues and forced emigration from this country. I also look forward to an end in sight for people who are feeling stressed about their mortgages, etc. I hope we can move to a post-recession period, and part of getting there is the work of NAMA.