Michael McGrath (Cork South Central, Fianna Fail)
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Question 46: To ask the Minister for Finance the extent to which the National Assets Management Agency has considered using real estate investment trusts as a means of maximising the return to the State from its investment; and if he will make a statement on the matter. [24722/12]

Michael Noonan (Limerick City, Fine Gael)
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The National Asset Management Agency has been generally positive in their comments on the subject of REITs and their potential to be used as a tool in achieving NAMA's goals. Although I considered a number of options before the Budget, including the introduction of a REIT structure, I decided to take a different approach to facilitating investment in the property market. I reduced the rate of Stamp Duty on non-residential property from 6% (in most cases) to 2%, and introduced a relief from Capital Gains Tax for property purchased within the "incentive period" between 7 December 2011 and 31 December 2013, where that property is retained for at least seven years. These measures are intended to promote investment and employment in property and related sectors. The possibility of introducing a REIT structure will be kept under review in light of the performance of the property market after the recent changes.