Brian Lenihan Jnr (Dublin West, Fianna Fail)

My amendment seeks to include the phrase "to contribute to the social and economic development of the State" in this section. That formula is identical to the other amendments, apart from the issue of sustainable which I will return to in a moment.

On the merit of the amendment, I agree with Deputy Rabbitte that it is essential that this should be in the purpose of the section. It is worth recalling that it is not just a purpose but defined in terms of addressing compelling need. Social and economic development, therefore, is a compelling need for the purposes of this section. In addition, the section relating to the directions and guidelines the Minister may gave, specifically permit the Minister to refer to this compelling need. It is not just an abstract aspirational statement. The power is in the legislation to translate that compelling need into a practical directive in terms of the authority. It is an important issue and I very much welcome the amendment. I am glad to have been able to address it.

Deputy Shatter raised the question of uncompleted estates. Clearly, NAMA will have a commercial mandate. Within that mandate NAMA will have a borrowing capacity, will be able enter arrangements with an alternative developer to finish a particular development or will be able to enter an arrangement with a local authority if it is in sufficient funds or has the capacity to complete the development. Various options are available to NAMA in regard to the completion of a half-completed estate. As Deputy Shatter postulated on the issue, I assume he is referring to a half-completed estate rather than a-----

See this speech in context