Michael Finneran (Roscommon-South Leitrim, Fianna Fail)

The Deputy has put three questions. First, legislation is not necessary in the short term. The people in the Housing Finance Agency will act on behalf of the Government with a special agency property company but legislation will be needed. We have not decided on the precise form of the legislation as to whether it will be a separate Bill or part of another Bill.

There is not a cost involved. It will be a transfer of public properties and loans from one area, namely, the local authority to the central agency.

On the Deputy's third question about internal receipts, if lands are not developed local authorities must continue to meet the loan charges. If they transfer ones that are due in 2010 we will meet the loan charge at that time. They will be in a position to recoup at that time whereas they would not be in a position to recoup until they developed under the circumstances of the original loan they got from the HFA.

See this speech in context