Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I am not saying the Senator is unaware of this, but it is important to note that NAMA does not own the development sites in its portfolio. The public does not necessarily know that. NAMA owns the loans; it does not own the land or the properties. The properties are owned by developers who owe money to NAMA. If the developers can clear their debts with NAMA, they are gone. If they clear their debts to the State, they are gone. NAMA does not own the sites over which it has mortgages. It has a financial interest, but it cannot direct issues on those matters.

As I mentioned, NAMA has helped with unfinished housing estates. NAMA expects to transfer a total lifetime surplus of €4.25 billion to the State as a result of its work. To date, €2.75 billion of this surplus has already been transferred to the State. Ultimately, one of NAMA's contributions to the social and economic development of the State will be the full redemption of the €32 billion in debt, thus eliminating any further contingent liabilities to the State. This comprises €30.2 billion of Government-guaranteed senior debt and €1.6 billion of subordinate debt, as well as the payment of €2.7 billion surplus to the Exchequer, with another €1.5 billion planned. The best job that NAMA can do is to get all that money back for the State so that the State has the value of it to do all the things that I have just spoken about.

NAMA has done a lot of good work. When it winds down, I think its main achievement will be to have returned over €4 billion to the State, together with delivering the full list of projects that I mentioned earlier.