Jim Walsh (Fianna Fail) | Oireachtas source

I ask the Deputy Leader to arrange for the Minister for Finance to attend the House at an early opportunity for a debate on NAMA. This matter has been raised on a number of occasions, but recent reports give rise to a great deal of concern. The Minister has been anxious to put pressure on NAMA to complete the sale of its loan book by the end of 2017 or early 2018.

There is a view that this pressure is politically motivated rather than motivated by the best interests of taxpayers, who have invested so much in the recovery plan through NAMA. The question must arise as to how wise a policy it is.

In support of my argument for an urgent debate on this matter, I refer to recent reports regarding a property on Sir John Rogerson's Quay that was acquired by an Australian company for €7.5 million and sold on within months for €17.75 million. That represents a loss not only to the taxpayer but also for the country's GDP in that the revenues arising from the increases in property values are being expatriated to outside investors. These include private equity funds and so on, including those based in the United States, Australia and Europe. We must be far more sensible in managing these issues by seeking to exercise some type of prudential control over the process. NAMA has indicated that it expects to make some €500 million or so on the €31 billion or €32 billion that was paid for these assets. That is a paltry return. Given the rise in property prices, we should be doing all we can to secure the best possible returns are extracted for taxpayers, but that does not seem to be happening. A debate on this issue is timely and essential.