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Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: -----that people now think it is sitting-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I understand.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: People really believe it because it has been mentioned so often. The €3.5 billion surplus is now a fact of life for them.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: The witnesses get my discussion point.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: It has been mentioned so often that people now think it is already in the bank.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: So it gives-----

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: Okay. It is useful to say this to those who are watching.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I mentioned that extensively this morning.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I accept that

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: Will the Government have to consult the EU on that or can it make its own decision?

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: How it can be used.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: Okay. I will move on to housing. I am probably going to come at it slightly differently from everybody else here. NAMA started off with one mission and that was its mission. Then, because of the housing crisis, it was asked to build houses and supply land. That is all very important, but it was not NAMA's main core objective or anything like that. It was a bit of a by-product. As I...

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I was adding in the 10,000.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: That is from the total of 42,000.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I thought from our conversation this morning that 10,000 were done and another 42,000 could potentially be done.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: Okay.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I will explain what I am getting at. At the end of the day, approximately 20,000 houses will have been delivered by NAMA by 2020, or there or thereabouts.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: We are not quibbling.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I would put it in a different context. There are approximately 1.6 million houses in Ireland today. NAMA's contribution to the housing stock at the end of this process will be little more than 1% of this country's housing stock.

Public Accounts Committee: National Asset Management Agency: Financial Statements 2016 and 2017
Comptroller and Auditor General Special Report No. 102: National Asset Management Agency Second Progress Report
(20 Sep 2018)

Seán Fleming: I am saying it is "Yes" and Mr. McDonagh knows it is "Yes". I think there is an assumption that NAMA is a key player in increasing the housing stock and solving the housing problem. I am just saying I think the general commentary has totally overstated the reality. When all is said and done, if NAMA adds 1% or 1.5% to the housing stock of the nation over ten years, that will be about it....

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