Suggestions by the Dublin government that the Irish property market has "rebounded" have been refuted by opposition party Fine Gael.

The party has also said the country's taxpayers should be 'fearful' of the NAMA, which it claims is a bailout for developers and banks.

"The main party in government now thinks that billions to be borrowed to finance NAMA is free to the taxpayer and that the property market has rebounded," said Fine Gael front bench spokesman Phil Hogan TD.

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He was speaking after Frank Fahey, on behalf of the government, defended NAMA on the basis that he believed the property market in Ireland has rebounded.

"The taxpayer is right to be growing increasingly afraid of Fianna Fail’s NAMA gamble," said Mr Hogan.

He said the "economic illiteracy behind the NAMA developer/banker bailout" was revealed by Frank Fahey when he claimed that the property market had rebounded and that money borrowed by the government to fund NAMA would not have to be paid back by Irish taxpayers.

"It is growing increasingly obvious that to trust a party that caused this crash because of their close ties to the developer and banking sector," said the Fine Gael TD.

"That is why the public and the professionals are rejecting NAMA and seeking the type of solution that Fine Gael has proposed that protects the taxpayer, spreads the risk fairly and gets credit flowing again to business and private customers," he added.

(PR/BMcC)