David Stanton (Cork East, Fine Gael)
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Question 36: To ask the Minister for Finance further to Parliamentary Question No. 142 of 15 June 2011, the further progress that has been made by the National Assets Management Agency in discussions with Government Departments and State agencies regarding the development of proposals to contribute to social development such as the selling of property to State bodies for development of community facilities; and if he will make a statement on the matter. [34428/11]

Michael Noonan (Limerick City, Fine Gael)
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NAMA concluded the sale of 58 social and affordable units to the Cluid Housing Association in July. The agency has provided a list of over 1,000 other properties to the Department of the Environment, Community and Local Government and I am informed that it is now in discussions with the Minister of State with responsibility for housing, his officials and the Irish Council for Social Housing with a view to identifying properties which may be suitable for social housing.

In addition, I am also aware that NAMA has approved the release of lands in Baldoyle to Fingal County Council for extra parkland; has accommodated the sale of a 13 acre site in Hansfield, west Dublin to the Department of Education and Skills; and has agreed to co-fund with Fingal County Council a link road through lands that NAMA has as security for loans in west Dublin which will link the N2-N3.

More generally, the NAMA board has committed to giving first option to public bodies on the purchase of property which may be suitable for their purposes, including social housing. In addition, NAMA advises me that it is willing to facilitate dialogue between debtors and third parties interested in acquiring property for social or public purposes.

David Stanton (Cork East, Fine Gael)
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I am pleased there is progress in this area. Is NAMA open to leasing any such properties to community groups or youth organisations which may not be in a position to purchase properties for community and sporting activities?

Michael Noonan (Limerick City, Fine Gael)
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NAMA has a dedicated e-mail address and telephone number for Deputies who want information on its properties. I do not believe the agency would be adverse to a leasing arrangement. Generally, however, it is more inclined to dispose of properties rather than lease them. The agency is aware of its social obligations under the NAMA Act and it is fulfilling them. It is prepared to entertain any reasonable proposition which would be to the advantage of communities or voluntary organisations.

Pearse Doherty (Donegal South West, Sinn Fein)
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That was an interesting question from Deputy Stanton. Does the Minister believe NAMA is fulfilling its legal requirement to contribute to the social development of the State? The agency is asked to contribute to the State's social development without a price benefit to it. It is not about the first offer to a local authority. I accept it has released some lands through which roads could be built but it has a large property asset portfolio. Does the Minister believe the agency is significantly contributing to the social development of the State, as required by law? What are the Government's plans to ensure the agency lives up to this provision which was inserted into the original legislation?

Michael Noonan (Limerick City, Fine Gael)
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NAMA was a colossal enterprise. If the Deputy is familiar with the legislation, he will know it involved much work. Then the board had to be established, staff acquired and the agency put out as a going concern. Its first task was to transfer the impaired loans in excess of €20 million from the banking system. That has been accomplished, with the last of the transfers completed recently, and its total nominal value is now approximately €74 billion. NAMA is now disposing of property. I had conversations with the agency's chairman about its social mandate of which it is conscious and is fulfilling. It must be remembered it is not the agency's main objective.

I earlier listed some the social projects which it concluded but it is open to more. It is in discussions with the Department of the Environment, Community and Local Government which may make a large number of houses made available by the agency for social housing purposes.

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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I do not understand how property transferred or sold by NAMA can contribute to dealing with the 93,000 people on housing lists when the Government announced over the summer that there would be no more direct building of council housing. Will the Minister square that circle for me? Will the Minister also explain the economic rationale behind local authorities leasing properties from NAMA, as the rental income will go back to NAMA or developers and not the authorities?

Michael Noonan (Limerick City, Fine Gael)
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I am not sure what point Deputy Boyd Barrett is pursuing. As well as NAMA owning much residential zoned land, it also owns much unoccupied property. Across the country, the agency has unoccupied apartments and houses as part of its debt portfolio. It has expressed its willingness to engage with local authorities for them to acquire some of these properties for social housing purposes. The housing stock is available. It is a question of making an arrangement and doing the deal.