Joan Burton (Dublin West, Labour)

Section 12(2)(ac) makes provision for carrying on "any business that NAMA considers can be conveniently carried on in connection with any of its functions or is calculated directly or indirectly to enhance the value of or facilitate the realisation of or render profitable any of NAMA's property or rights".

The Peter Bacon report on hotels found that up to 20,000 hotel rooms should be closed. The report notes that the banks which financed hotel developments were not foreclosing on the loans in order to avoid negative impacts on their balance sheets prior to their entry into the NAMA process. Dr. Bacon stated: "We cannot have a situation where zombie banks result in a zombie hotels sector or zombie-other-sectors." Although this issue was not mentioned in the draft business plan for NAMA, has further work been done on it?

Private hospitals have mushroomed thanks to widespread tax breaks. The HSE has informed us that a hospital needs 400 beds to remain viable but the country is dotted with small private hospitals as a result of tax breaks rather medical needs. If not for tax breaks and the National Treatment Purchase Fund, some of these hospitals would be in a perilous financial state.

NAMA will have available to it €5 billion in capital that can be used to complete projects. Has the Minister reached a conclusion on the hotels and private hospital projects which are now almost under water?

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