Maria Byrne (Fine Gael)
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When is it proposed to take Report Stage?

Pat Casey (Fianna Fail)
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Now.

Maria Byrne (Fine Gael)
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Is that agreed? Agreed.

Maria Byrne (Fine Gael)
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When is it proposed to take Fifth Stage?

Pat Casey (Fianna Fail)
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Now.

Maria Byrne (Fine Gael)
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Is that agreed? Agreed.

Robert Troy (Longford-Westmeath, Fianna Fail)
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I thank Senators for their co-operation and for speedily and efficiently passing these Stages. I thank them for their engagement with this legislation and their contributions when we brought it through the various stages in the House. With the completion of these Stages, we mark a significant milestone in bringing a key chapter in the State's response to the global financial crisis to a close.

There has been clear consensus across both Houses about the need for this legislation. That consensus reflects the fact that the work of both the National Asset Management Agency, NAMA, and the Irish Bank Resolution Corporation's special liquidation is now substantially complete and that the limited residual activity that remains can be managed more effectively and efficiently within the National Treasury Management Agency, NTMA. Both were established as part of the State's response to the global financial crisis and the extraordinary challenges facing the Irish banking system and the wider economy at the time.

NAMA acquired loans with a par value of €74 billion for a consideration of €31.8 billion, which included a State aid uplift of €5.6 billion. Over its lifetime, the agency fully redeemed its senior and subordinated debt, generated a surplus of approximately €5.6 billion for the State, and facilitated the delivery of more than 44,500 homes. It also supported the regeneration of the Dublin docklands and transferred significant housing and land assets into State ownership through the Land Development Agency.

The work undertaken through the special liquidation of the Irish Bank Resolution Corporation has also been considerable. When it entered special liquidation in 2013, it held a loan portfolio of approximately €21 billion, comprising more than 15,000 borrower groups, supported by assets located across 22 jurisdictions. Since then, the special liquidators have disposed of a complex portfolio of assets, resolved a vast majority of borrower relationships and creditor claims, repaid unsecured creditors in full, and returned approximately €1.7 billion to the State, as well as making distributions of €470 million to the Exchequer, with further distributions expected.

Today, the work of both organisations is substantially complete. What remains is limited in scale but it must be managed carefully to completion. The Bill provides a clear and proportionate framework for ensuring that remaining litigation claims and associated matters can be managed to conclusion by the NTMA, with a strong governance and accountability framework.

I take this opportunity to acknowledge the many people who have contributed to the work done over the years. I acknowledge the current and former staff, management, and board members of NAMA. Through periods of immense challenge and scrutiny, they fulfilled their responsibilities with professionalism, expertise, and dedication. I also wish to acknowledge the special liquidators of the Irish Bank Resolution Corporation and their teams, whose work involved an unprecedented and highly complex portfolio of assets liabilities and legal matters. I also acknowledge the team in the Department of Finance, particularly our officials, who are here with me today, who have worked to bring this legislation to conclusion.

I commend the Bill to the House and thank the Senators for their valuable contributions during its consideration.