Jerry Buttimer (Cork South Central, Fine Gael) | Oireachtas source

The concept of NAMA was created by the Members opposite. It is the legacy of Fianna Fáil's period in office and of the financial and property crisis this country had to endure. Many of us in this House wish we did not have NAMA at all. It is a stark reminder of a country that was in turmoil and in the midst of uncertainty. That dark period has changed, despite what some of the Opposition might say and are articulating. Thankfully we have left that country behind us. If one speaks to developers and people in the construction industry, there are signs of recovery and that things are beginning to look up. Undoubtedly, and I made the point on local radio on Monday, we need a construction industry that is incentivised. We need land to be made available to construct both private and social housing. The example I will give is in my city of Cork where there is One Albert Quay, the development in Mahon Gate and there are people like Michael O'Flynn willing to invest, along with many others. That is what we need: people willing to become part of the recovery of our country. I am sure Deputy McGrath will join me in hoping that with the development of the events centre in Cork, we will see a vibrancy returning to Cork city.

This is about our country in terms of economic growth and how we are working as a Government to create new jobs. Equally, because of this changed economic climate, we now have NAMA selling off its loans and, one hopes, winding down. In saying that, I believe NAMA must do its work in a transparent and open way and must continue to show us, the Members of the House, that it operates in the wider interests of society and not just on behalf of a chosen few. Deputy McGuinness, the Chair of the Committee of Public Accounts is present and NAMA must come before his committee to demonstrate this. In his contribution to the debate, the Minister for Finance confirmed that as part of the upcoming review of NAMA under section 226 of the NAMA Act, the Comptroller and Auditor General will perform a value for money review of NAMA sales. All of us in this House recognise the independence of that office and its importance in carrying out this review. It will involve an evaluation of the sale of the Northern Ireland loan portfolio as a matter of priority. I agree that the Comptroller and Auditor General is best positioned to review this transaction independently from a value for money perspective.

I have heard the contributions of others in this House on the issue before us. If Members of the House have information, I do not see anything wrong with them going to the Committee of Public Accounts and making their case there. It is the appropriate forum. I may at times disagree with the model Deputy McGuinness operates in the committee in terms of issues that are not under its remit but I respect and value his stewardship and his chairmanship of the committee. He is an independent Chair who performs his role to the highest of standards. I have no difficulty with any Member of the House going before him. We all look forward to the Comptroller and Auditor General's preliminary report and I hope this will be published as soon as possible. I believe this will provide certainty and clarity to what has become a very confused issue. If one speaks to people from all sides and all parts of life, it is an issue that confuses people. It appears that allegations of wrongdoing on one side of a transaction are being blamed on another party. It is in the interests of everyone involved that we get this cleared up as soon as possible, that certainty is brought to the matter and that we have an outcome that is in the best interests of wider society. I am confident and believe that an independent office such as the Comptroller and Auditor General is best placed to do this.

As a Member of Seanad Éireann and of this House, I have raised questions about NAMA, how it was set up, how it operates and the oversight of its functions. As a politician elected to this House to represent the people, I believe we have a duty, an obligation and a right to ask questions of NAMA, but we are not the ones who should be investigating wrongdoing. There are appropriate authorities for this and allegations must be referred to these groups. A number of years ago, I raised with the Minister my concerns about NAMA's guidelines regarding the sale of assets. Back then, the Minister confirmed to me that NAMA issued guidelines to be followed by its debtors and receivers when disposing of assets. As part of these guidelines it is required that, wherever feasible, their sale should be on the open market and should be publicly advertised. Since then, NAMA and the Comptroller and Auditor General have confirmed that wherever feasible this has been the case. It is very important that this reassurance about how NAMA operates is put on the public record. However, it is also important that NAMA, through its chair or chief executive, answers the questions asked of it.

There have been calls for future sales by NAMA to stop pending clarification of the issues being discussed. Given that there have been no specific allegations of wrongdoing against NAMA, this would seem a strange approach. Project Arrow has been mentioned in this House. This is a portfolio of loans that comprise approximately 300 debtor connections with par debt loans of €6.2 billion secured on a large number of regionally located assets. Its sale could significantly contribute to NAMA's debt redemption targets and its obligation to achieve the maximum return to the State. I understand from my own research that this portfolio has been openly marketed and that the NAMA board is now assessing final bids which are in line with NAMA's pricing expectations.

For most people, what I have just said might seem abstract and stopping the sale might seem to be inconsequential. Where I come from in Cork city, however, on Hawkes Road in Bishopstown just off the Curraheen Road, I have been in contact with the receivers about properties that have not been developed and are eyesores for local communities. I am aware of one property at Hawkes Road in Bishopstown that forms part of the Project Arrow portfolio. It is an absolute disgrace and an embarrassment that NAMA has not moved on the site and there has been no action on it. Neighbours have been left to look at a site that is derelict and that is ripe for development. It would enhance an area of the city that is populated with private housing and would make an ideal location for any type of activity, whether residential care or private housing development. It beggars belief that this project in this location has not yet been developed. I will use this Chamber to call on NAMA to expedite this project as a matter of urgency. It can help in the alleviation of the housing needs in the city of Cork. It can provide social or private housing. It could be an ideal location for care of the elderly in a residential setting, something we spoke about last week in the Private Members' motion,. As a result of what has happened, no plan or strategy has been put in place to deal with the property. If we are not going to sell it or do anything with it, funding is required to erect new hoardings in order that neighbours do not have to endure the eyesore and in order that we can address the issue of vermin in the site. I met neighbours and residents in that area who are unhappy, to put it mildly. It is an example of a site, like many throughout the country, that we need to see developed. We are all aware of unused projects and properties that can be put to use.

I call on NAMA to look critically at how it can, as the Minister stated in the budget last week, move on sites that can be developed and look towards solving issues of housing need, particularly with regard to the care of the elderly.

The oversight by the Comptroller and Auditor General has shown that value was achieved. I look forward to his report, but in the meantime, NAMA must continue to fulfil its duty to society. Any allegations of wrongdoing should be investigated by the appropriate authority, but should not be used for political grandstanding, which is what is happening in some cases.

See this speech in context