Catherine Murphy (Kildare North, Social Democrats)
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52. To ask the Minister for Finance if he has considered if the practical application of sections of the National Asset Management Agency Act 2009, which require NAMA to contribute to the social and economic development of the State and protect or otherwise enhance the value of those assets in the interests of the State, are being carried out appropriately by NAMA in view of a documentary (details supplied); and if he will make a statement on the matter. [1723/17]

Catherine Murphy (Kildare North, Social Democrats)
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69. To ask the Minister for Finance if he has considered requesting a temporary halt to all NAMA sales while a full evaluation as to whether the social and economic interests of the State are being prioritised as part of NAMA's sales processes; and if he will make a statement on the matter. [1731/17]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 52 and 69 together.

I appreciate the questions and have considered these issues since the establishment of NAMA.  It is important to understand NAMA and how it is achieving its purposes.

One of many important purpose of the NAMA Act is "to contribute to the social and economic development of the State."  The NAMA Act is one of the most complex pieces of legislation ever enacted by the Irish legislature and the provisions of the Act must be interpreted in light of the Act as a whole.  As a statutorily independent commercial body, the NAMA Board has carefully balanced this complexity in fulfilling its legislative mandate.

NAMA's ultimate social and economic contribution will be measured by its success in recouping the maximum amount possible for the taxpayer from its loans.  Within the context of this overriding commercial remit, NAMA is at all times conscious of the broader social and economic contribution that it can make.  It conducts its activities in a way which assists the property market to operate efficiently and in a way which achieves longer term sustainability while taking account of its wider societal objectives.

Ireland's national debt levels and dependence on international support, prohibited the State from directly investing in the assets acquired by NAMA.  Exposure to the banks, IBRC and NAMA each became exposures of the taxpayer net liabilities - that had to be reduced for the State to regain financial stability.

Strong interest from the capital markets led to much needed capital investment in our economy during periods of high risk and uncertainty.  This allowed us to make important financial adjustments across our system.  Without this investment Ireland would be experiencing a much more difficult recovery.  The timely sale and the accompanying investment in these assets is making a strong contribution towards our broader recovery.  Think of the numerous renovated hotels, finished housing estates, commercial property developments, ongoing residential developments and the commerce and jobs this creates.  All of this is a direct result of investment in Ireland, much of it by the acquirers of these loans.

In addition, NAMA has demonstrated a direct commitment and contribution to the achievement of wider social and economic policy objectives through a number of initiatives.  NAMA continuously reviews the assets of every NAMA debtor to establish if properties securing their loans could be utilised for residential development or social housing and with the cooperation of its debtors is willing to make such opportunities available to local authorities and approved housing bodies.  NAMA has made properties available, on commercial terms, for social housing; schools; healthcare facilities; and urban economic, environmental and cultural regeneration.  NAMA also plans to facilitate the delivery of up to 20,000 private residential units to end 2020, assuming commercial viability.

I recognise the urgency of the issues you seek to address and believe NAMA already plays a meaningful role in addressing these issues in line with its mandate.  NAMA is effectively carrying out its mandate, including a significant social and economic contribution.  This being the case I have no intention of directing NAMA to halt its activities.  To do so would irreparably damage NAMA's positive contribution to our recovery and be detrimental to the interests of Irish taxpayers.