Kieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I thank the House. This is important legislation, and I very much look forward to engaging with Members on it. We have an election due to take place on the same day as the local and European elections.I look forward to working with the House and enjoying its co-operation in getting the Bill through as expeditiously as possibly, although with a proper debate on the Bill, obviously.

I thank the Acting Chairperson for his introduction. These amendments are miscellaneous or consequential to the Long Title. Two miscellaneous amendments are proposed to be inserted in Part 8. The first of these amends the Housing Finance Agency Act 1981 to allow for the consent of the Minister for Public Expenditure, NDP Delivery and Reform, with regard to Housing Finance Agency borrowing, to increase the statutory borrowing limits from €10 billion to €12 billion. The second is an amendment to the National Treasury Management Agency (Amendment) Act 2014 to permit the Minister for Finance to direct the National Treasury Management Agency, NTMA, to provide the proceeds of the disposal of directed investments to the Land Development Agency, LDA, and to include the consent of the Minister for Public Expenditure, NDP Delivery and Reform in respect of the provision of funds from the Ireland Strategic Investment Fund to the LDA.

Amendments Nos. 1 and 2 amend the collective citation and commencement provisions of section 1 to take account of the miscellaneous provisions being added and the various Acts being amended by the Bill. Amendment No. 93 amends sections 10(1) and 10(3) of the Housing Finance Agency Act 1981, which relates to Housing Finance Agency borrowing. It solidifies the requirements for the consent of the Minister for Public Expenditure, NDP Delivery and Reform for borrowings. In the interest of the Exchequer, it is appropriate to include a legal requirement to secure in the interest of the Minister. The change will be consistent with similar provisions on the Statute Book, such as those relating to borrowings by Uisce Éireann. Action 18.5 of Housing for All requires that my Department legislates to increase the borrowing capacity of the Housing Finance Agency to €12 billion with a review in two years. Housing for All was launched in late 2021. The intention is to support the local government sector in land acquisition and the delivery of social and affordable homes. This amendment provides that the Housing Finance Agency is sufficiently financed in this quarter to carry out its functions without disruption in 2024. Officials in my Department have received a report from the New Economy and Recovery Authority, NewERA, providing analysis and observation in respect of the financial and commercial aspects of the proposed increase in the statutory borrowing limit. This report has been shared with the Minister for Finance, who has given agreement to increase the borrowing limit.

Amendment No. 94 amends section 42B of the National Treasury Management Agency (Amendment) Act 2014. It relates to the provision of funds from the Ireland Strategic Investment Fund to the LDA. The amendment provides a requirement for the consent of the Minister for Public Expenditure, NDP Delivery and Reform for the provision of funds from the fund to the LDA and for the payment of moneys to the LDA from the proceeds of disposal of a directed investment. It further provides for the payment of moneys to the LDA from the disposal of directed investments to be limited to €1.25 billion.

Finally, amendment No. 144 is a technical amendment to the Long Title to ensure it reflects these amendments to the Housing Finance Agency Act 1981 and the National Treasury Management Agency (Amendment) Act 2014. Given the critical roles of the Housing Finance Agency and the LDA, I ask Members to support the amendments.