I propose to take Questions Nos. 165 to 167, inclusive, together.
NAMA was established in December 2009 and its debts of nearly €32 billion represented a substantial contingent liability to the State.
The State recapitalised the domestic banking system at a gross cost of €64 billion, adding around 40 per cent of GDP to national debt.
Total government debt now stands at over €200 billion; this is the equivalent of €42,500 for every person in the State.
As per Eurostat guidance, while the NAMA surplus paid to the Exchequer will have a positive impact on the Exchequer balance it will not impact on the general government balance.
However, such repayment will reduce the Exchequer Borrowing Requirement, decreasing the rate at which debt is incurred by the state. This is taken into account in the projections for public debt published in the Stability Programme Update (SPU) 2019.
The SPU reiterated this Government's commitment to use proceeds from the resolution of the financial crisis, making explicit reference to NAMA, to reduce our stock of debt. This approach forms the cornerstone of the Government's approach to building the resilience of the economy to external shocks, including preparing for the impact of Brexit.