Brian Cowen (Laois-Offaly, Fianna Fail)

I do not have the technical detail on the A5 to hand. The National Roads Authority is more specifically the body involved as these are technical engineering issues. I know issues are being raised by Deputies in the area and I can get an update in this regard.

On the question of what will happen in Middletown, I ask the Deputy to accept I will have the Minister set out the up-to-date position. I cannot recommit to anything unless and until we see in what way that project will evolve. There were certain ideas at the time and discussions had taken place as to how Middletown would be used in the context of the provision of services in this area, and this is still under consideration. We have to work this out in detail as we go along but it is best that the Deputy would await a considered reply from the Minister as to the accurate, up-to-date position.

The question of the agreement to meet, made between the Minister for Finance and the Finance Minister in the Northern Ireland Executive, arose from a briefing by the Minister for Finance at a meeting in respect of the National Asset Management Agency and the role it will play in helping us to restructure the banking industry, provide long-term liquidity and more easily accessible credit to Irish business generally by way of bringing distressed assets under the aegis of the agency. The Northern Ireland First Minister would have referred to the role the Executive has played in respect of identifying assets for possible disposal for use subsequently in the social housing area within Northern Ireland in terms of a policy objective it has identified. The need for practical co-operation is emphasised when one considers the two policy objectives we have.

All the activities of the National Assets Management Agency will be based upon purely commercial criteria. It is not envisaged that there would be a fire sale of all assets that come under the aegis of the agency. The idea is to put those on a longer time horizon such that we can recover value in respect of those assets the current value of which, because of present market failure or depression, does not correspond to the acquired value of the assets in recent times. The reason behind the asset management agency concept in the first place is the need to find a longer time horizon in which to recover asset values in a way that could not be carried by private financial institutions and which must meet current market disciplines and at the same time make sufficient provision for bad or doubtful debt in the future. Without going into the detail, that was all mentioned and explained by the Minister for Finance. The meeting of finance ministers was to ensure the provision of a briefing by the Minister for Finance on a confidential basis for his colleagues in the North, that they understand and know not only the concept but the way in which the proposal would be implemented and applied, to keep them appraised of the issue so that they can understand in terms of their policy approach and know what it is that we must achieve as well.

Assets are located in Northern Ireland that would come under the aegis of the National Asset Management Agency and the Executive would like to be appraised generally about the impact or otherwise the proposal would have on the property market as it evolves in the coming months and years as well. It is entirely legitimate and a meeting and briefing between Ministers is an obvious way of clearing lines in respect of how things will progress.

On the issue of racism, we all deplore any acts of violence or intimidation against anyone, particularly where there are racist overtones. It was pointed out at the meeting on the Northern Ireland Executive side that while that matter, rightly, received a good deal of press and media coverage, including the utter condemnation by everyone against the acts, it was also highlighted that there are many good things happening within communities in efforts to integrate non-nationals into Northern Ireland society and that this should be highlighted to enable a full and rounded picture to emerge. Without in any way justifying unacceptable racist activities or occurrences there are many things taking place which are a good deal more positive in nature which should be emphasised.

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