Mr. Frank Daly:

Yes, I am somewhat familiar with the site. It is about three acres in size and there is a functioning multi-storey car park on part of it at present. There is a series of other buildings and a current planning permission, which I believe expires probably later this year. However, the general consensus appears to be that the current permission is unviable in the times we are in. That is a consensus across most of those who might be involved in it, including ourselves. NAMA has done some work on it because we have funded the demolition of six derelict houses on New Street, where there were complaints about anti-social activity and behaviour. We also have demolished a derelict sports hall at which the same problem had emerged. In addition, in co-operation with the owner, quite a few shops on Michael Street have been repaired and renovated. Consequently, there is not complete inactivity on the site, but to get to the core point, the current permission probably is not viable.

However, everyone agrees there is a strong case for a good retail development in that area of Waterford. That is part of the Waterford city development plan and, as the Deputy noted, the implementation group on the reorganisation of the local authorities in the region certainly has highlighted it as one of its high level interventions. I spoke recently to the city manager on the subject. As to what is happening at present, a design study has been commissioned and a survey is being undertaken about retail demand in the area. We are actively engaged with the city manager in looking at that site in the coming months. As to the involvement of the original promoter, that is something that must be teased out as we go along. NAMA's general policy is of open marketing and open involvement, but the Deputy can be assured that there is active engagement between ourselves, the city council and the city manager on the site.