Barry Cowen (Laois-Offaly, Fianna Fail) | Oireachtas source

I listened carefully to the Minister of State's response on the amendment and understood it as far as I could. I would like some elaboration on what Deputy Mulherin said, given her legal background. I refer to the management and holding in trust of land belonging to the person or company that took out the loan in the first instance and the same person or company's inability to meet the demands of the loan. It would lead one to believe that NAMA would be not only taking in trust but taking in charge, which might constitute it as the owner. I would like the Minister of State to elaborate on that in order to set my mind at ease before we vote on the amendment. I am sure Deputy Mulherin would also like such a clarification.

I refer to NAMA's contribution to and ability to succeed in various local authorities throughout the country. I suggest that the Minister consider putting in place or instructing local authorities to have dedicated NAMA teams within each local authority to liaise exclusively with NAMA in order to realise a dividend in the areas for which they have responsibility.

I do not see much within the Bill to incentivise the private sector to play its part in the reactivation of the housing market. I am conscious of what Deputy Wallace has said. The price of constructing units now far outweighs the prices that will be paid by those buying the units in bulk, and for a construction sector that is to compete properly and effectively, that poses a problem in its own right. If that is to be resolved and if we were playing on a level playing field, the best way to incentivise the private sector, given that credit is not flowing for up to 50% of builders, may be the setting up of a strategic investment fund in such a way that a home development fund would fund developers at competitive rates. The profits derived from that could be reinvested by the State in providing local authority units over and above 20%, rather than the 10% the Government wishes to have from such developments, as provided in the legislation.

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