Billy Kelleher (Cork North Central, Fianna Fail)
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Question 74: To ask the Minister for Finance if he will outline the National Asset Management's Agency plans to start lending to buyers in the residential property markets; when such funding will be available; the amount that will be available; when the necessary legislation will be introduced; and if he will make a statement on the matter. [9700/11]

Michael Noonan (Limerick City, Fine Gael)
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NAMA has been established as a fully commercial agency to operate under the direction of a Board of Directors. I recently met with the Board and explained that I expect it to review all options in terms of regenerating activity in the Irish property market as soon as possible. In that context, the Chairman of NAMA has recently stated that the Agency is exploring ways by which it can provide finance for commercial and residential property deals in line with its objective of reinvigorating the Irish property market. The Chairman has stated that he envisages that NAMA will work with the two pillar banks to identify solutions which will increase access to residential mortgages for its Irish residential portfolio.

I understand that the Agency is currently preparing detailed plans and that it proposes to enter into discussions with the two pillar banks shortly. There are no proposals at present to change the legislation.