NAMA surplus and public use
Deputy Brady questions how any NAMA surplus should be used, arguing for public investment rather than debt write-downs. The Minister says the money only becomes available on winding up and points to the Government’s wider infrastructure investment plan.
We hear today that NAMA anticipates a €4 billion surplus when it is wound up. This is not profit, it is just less of a loss to the people. The housing crisis rages on and our broadband network requires billions of euro one way or another. The Government has been clear that its policy choice is to use this money to write down debt at a time when borrowing has never been cheaper. We need a full debate not just here but also across society on the best use of this money which will start coming in 2020 when €2 billion is due. Will it be put to public use or wasted like the billions already frittered away by Fine Gael on consultants and spiralling costs?
Comment on this
The position is that it is only in the situation of a winding up of NAMA that resources become available. This is not a pot of money that is sitting there and which could be deployed. There will be plenty of opportunities to debate that issue. It is important to note that the Government has committed to a programme of investment of €120 billion in critical infrastructure in the next ten years. We have used the hard-earned progress the country, its workers and businesses have made to ensure we invest to create the assets we need for the future, including, let it be said, broadband.