James Bannon (Longford-Westmeath, Fine Gael)

I thank the Ceann Comhairle for affording me time to discuss this important matter which is of topical interest to many - the need for the Minister for Finance to ensure the scales are balanced in favour of communities, as opposed to developers, under NAMA legislation, giving local authorities or groups priority in the purchase of enterprise sensitive sites and properties to enable and enhance the economic renewal of such areas which have been decimated by the actions of banks and developers. While NAMA has cash reserves of over €4 billion, the country, as we all know only too well, is bankrupt. Strangely, NAMA plays dumb when asked to account for its increasing cash pile.

Prior to the general election the Taoiseach described NAMA as a secret society. Throughout history we have witnessed the destructive power of such societies and this one seems to be able to operate with impunity. Unless there are some checks and balances, NAMA stands to lose sight of its duty to the people. I am delighted that its officials have been called before the Joint Committee on Finance, Public Expenditure and Reform to account for its stockpiling of money at a time when providing an economic stimulus should be an essential part of its remit.

NAMA's success must mean success for the country in the short term. I speak on behalf of small enterprises throughout Ireland, particularly in my constituency of Longford-Westmeath, which could become local success stories and the driving force behind the economic recovery of their communities which have borne the brunt of the economic downturn, to the detriment of every man, woman and child in them. The fall-out will be felt in towns and villages for generations to come. I am aware that in my constituency there is a groundswell of opinion that NAMA must give local authorities and groups priority in the purchase of enterprise sensitive sites and properties, the retention of which is essential for the renewal of local economies. NAMA must be seen to be supporting the shop-and-work-local principle to aid economic recovery.

While developers rode on the crest of a wave, economies were decimated and businesses went to the wall. Now the balance must swing firmly in the direction of local enterprise, with properties being sold at realistic prices to local businesses and educational and cultural entities. As small and medium concerns are the lifeblood of local economies, developers must not be given priority in the purchase of key local sites. It is strange that NAMA was set up to recover money from developers, yet, from what I hear, they are still actively buying key properties from under the noses of local groups and individuals. Recovering money for the taxpayer is commendable; however, there must be a drip to allow some of the money which has been stockpiled to feed or filter back into the economy through the provision of stimulus packages. However, NAMA seems reluctant to do this. I seek a positive response from the Minister of State.

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