Jim Walsh (Fianna Fail)

I ask the Leader to arrange a relatively early debate in this session with regard to NAMA. While NAMA is now a very important functionary of the State, some recent reports give rise to an element of concern which should give rise to caution. I refer to a report concerning the Durkan group, which recently claimed that because of a lack of commercial engagement by NAMA, the group decided to pay off a loan of €43 million, which it was able to fund from British banks in order to continue its developments there. A second point relates to a member of the Grehan family who decided to declare bankruptcy in Britain. He complained subsequently that part of his reason for taking that initiative was that he found it impossible to engage with NAMA with regard to loans and properties he had, although he felt participating and engaging with NAMA might ultimately have extracted the best possible return for the taxpayer.

I do not know whether that is correct or not, and perhaps NAMA would have a counter-view. However, what is important is that NAMA is a success. There is certainly a view in the marketplace that if people are holding loans on developments outside Ireland, NAMA tends to be not that interested in supporting them. Ultimately, while there is obviously an onus on NAMA to recover the best possible return for the taxpayer, equally, there has to be a secondary if not an equal objective of ensuring that we get the development and the construction sector here functioning again. NAMA has and will have a huge influence and responsibility in that area. While I know it has recruited from across the financial sector, I am not sure the range of skills that are in place are commensurate with what is needed to effectively operate a two-scale objective, first, of recovery for the taxpayer on the loans and, second, to ensure it is a catalyst for economic development.

Given the size of that conglomerate, I have no doubt it will have an influence on economic growth. Given that 1% growth in GDP would yield €1.5 billion per annum to this country, the objective of economic development must be a crucial part of this. I ask that the Minister of Finance would come to the House for a debate and engagement in that regard.