Deirdre Clune (Fine Gael)

The recently-published report of the Comptroller and Auditor General is timely and makes for some stark reading. It gives a summary of NAMA, which has been in operation for more than two years, during which time it has acquired loans from the five financial institutions at a face value of €74 billion for approximately €32 billion. As Senator Darragh O'Brien has just noted, it is immediately evident how the taxpayer is paying on both fronts. I was also interested to read that completed properties account for 71% of its portfolio, properties in the course of development make up 9% and the remaining 20% consists of land. I had thought the percentage of properties in the course of development would have been higher but that element constitutes just 9% of the loans or the properties that are in contention or discussion with NAMA. In common with other Members, I have served on the Committee of Public Accounts and the Comptroller and Auditor General's report is beyond reproach. The reports produced by the former Comptroller and Auditor General, Mr. John Buckley, always have been above reproach, as they have been thorough and have been carried out with expertise. Mr. Buckley, like all Comptrollers and Auditors General, always has been straight and has been willing to say it as it is. It is an important report and I note more such reports will be produced to facilitate tracking of what NAMA is doing and its present position for these Houses and the taxpayer. There is also the summary of properties in receivership on the NAMA website, which is very useful. I scanned it today and do so on a regular basis to see the extent of properties listed. One can looks through one's own area or another one knows and see each property. That is a very important step from which we can all benefit, in terms of properties in receivership and those ones on which receivers are working.

In respect of the Bill before the House, NAMA was set up with the primary function of maximising a return for the taxpayers. It is very important to keep that basic function to the forefront all the time, in that maximising value and any possible return from these properties for the taxpayer must be borne in mind. As the Minister and others have noted, we must respect commercial sensitivities. We all live in the real world and we understand that if properties or loans of properties are for sale there is information available and if one wishes to maximise the return one will not show one's hand. I completely understand the desire to have as much transparency as possible and that all possible information be available but nonetheless, in order to protect the taxpayer's interest, there are certain issues concerning which it would be counterproductive to provide sensitive information. I can see Senator Daly's position with regard to the Bill but at the same time, if an action blows a deal for the taxpayer we should not go down that route.

As he stated in his speech, it is important to note - and welcome - that the Minister has regular meetings with the board of NAMA. On coming into Government, he stressed to that organisation the importance of ensuring there is transparency and that it be increased and maximised wherever possible. The database is part of that process and so are the regular meetings the Ministers has with NAMA in order to ensure that whatever information can be provided is provided.

The recent announcement of the €2 billion investment over the coming four years is very welcome. We have heard a great deal in recent years, particularly from IDA Ireland in regard to would-be investors in this country, about the need to have third-generation office space, particularly in the Dublin region. I am sure that much of this €2 billion will go towards refurbishing such office space, which is needed if we are to sell this country abroad. We need to able to say this is the building, it is there for the investor who wants to come and set up whatever operation we are trying to attract. That type of office space is very important. A shortage of it has been identified and this is expected to continue. That €2 billion is a very welcome development in addition to the funding of €600 million that already came about for developing facilities to a point where they are marketable.

I refer to the original figure of €5 billion from NAMA. We questioned the organisation on this when Mr. Daly attended Oireachtas committees during the past 12 months. He always stated NAMA believed there was never a need to go to that €5 billion. Is the €2 billion, recently announced, part of that package?

We are in a difficult situation. There is a lot of anger from people who borrowed excessively. Money was made available to them but they seem to be writing down their loans in many cases in negotiation with NAMA. We do not know the details of everything but we hear anecdotally there are people in this situation and it is adding to the public anger.