Mick Wallace (Wexford, Independent)
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45. To ask the Minister for Finance if he is satisfied with the work of NAMA to date; and if he will make a statement on the matter. [17483/16]

Michael Noonan (Limerick City, Fine Gael)
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NAMA's continued progress is evident in the recently published 2015 Annual Report and Accounts.

These results highlight the continued achievements of NAMA and the positive impact NAMA is having on Ireland's sustained recovery in carrying out its mandate.

NAMA has reached its the year-end 2016 target, to redeem 80% of debt, 9 months ahead of schedule, in March of this year.

Following yesterday's redemption of €1bn in Senior Bonds, NAMA now has just €4.6bn senior debt to repay, out of the original €30.2bn issued. This continued progress means that the Board's expectation to repay all senior debt by 2018 is firmly on track.

It is also significant that, in October of last year, Moody's reported that it no longer considers NAMA's outstanding debt a contingent  liability for the State.  Such favourable assessments continue to contribute to the creditworthiness of the Sovereign.

Against the backdrop of strong demand for both new office accommodation and new housing, NAMA's progress in respect of the Dublin Docklands Strategic Development Zone (SDZ) and residential funding is also most welcome.

NAMA's continued strong performance since inception means that Board now expects to achieve a surplus of up to €2.3bn over its life, subject to market conditions, which will be returned to State.

I am encouraged by the Board's confidence and commend NAMA on its work to date.