Alan Shatter (Dublin South, Fine Gael)

Yesterday evening I raised an issue with the Minister of State at the Department of Foreign Affairs, Deputy Peter Power, who was taking the Bill in the absence of the Minister for Finance. I wish to raise that important issue again to give the Minister for Finance, who is in the House now, an opportunity to respond to it.

One of the major difficulties of the operation of NAMA will result from the existence of many unfinished housing estates and apartment blocks, some unoccupied, some semi-occupied, which do not fully comply with planning conditions. Essential facilities have not been provided for those who have taken up residence. NAMA will find that many already occupy properties in these developments where there are several unsold units and have serious difficulties because the estates have not been completed and essential facilities required by the planning authorities have not been provided. This will give rise to problems in two areas, first, where a loan is transferred to NAMA for which a development is security but the developer remains the main individual and may not have the finance to complete the development. What will happen in those circumstances?

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