Bernard Durkan (Kildare North, Fine Gael)
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I thank the Office of the Ceann Comhairle for facilitating this debate. I have raised the issue of the stalled development at Naas town centre in the House on a number of occasions in various guises. The issue has been ongoing for a considerable time, seven or eight years at this stage, and the unfinished development is now virtually a blight on the town.

The town of Naas is a progressive provincial town which has always been innovative in terms of business. However, business has suffered greatly as a result of the fact the tower cranes have not moved for a long time. I have raised this matter with the local authority, particularly in respect of the arbitrators who are dealing with an issue of arbitration which, hopefully, will conclude in January. I now raise the issue with the Minister of State in the context of the extent to which NAMA is involved in the scenario and the extent to which it can engage positively with the various authorities, including the local authority, with a view to moving the development forward at the first available opportunity.

This issue is important for more than one reason. It is a catalyst for development that is stalled in a similar fashion in other towns and villages throughout the county. County Kildare lies next door to our capital city, which puts considerable pressure on development in Naas, Sallins and all the towns of north Kildare from both a commercial and residential property point of view. Both sectors are heavily affected by the stalled development at Naas. Visually, the issue is obvious to all as three or four tower cranes are seen to be stalled against the skyline. This is not a good advertisement for business and is not good for the morale of the local business community or the local chamber of commerce which is supportive and very active in the area and has been anxious to move matters forward.

While I fully accept the restrictions that apply in regard to NAMA, they cannot continue forever. Therefore, I call on the Government to encourage NAMA to move on this. I do not suggest the stalling of this development is deliberate. However, nothing is to be gained by the continued stalling of the development and we cannot afford to allow it to wither much longer. It is hugely important from the point of view of both commercial and residential development. It is vital the matter moves forward as quickly as possible.

Simon Harris (Wicklow, Fine Gael)
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I thank Deputy Durkan for raising this issue of importance to all Deputies in terms of wanting to see development of their town centres and the return of economic activity.

As the Deputy is aware, NAMA is legally constrained from commenting on assets that are under the control of its debtors, which is confidential information as defined by the NAMA Act as passed by this House. On the general point, the Deputy is aware that all NAMA funding decisions are made in accordance with its statutory independent commercial mandate and its overriding objective of maximising the return to Irish taxpayers from the management and sale of its loans and the assets securing its loans.

In general terms also, I am assured by NAMA that if a project can be shown to be commercially viable, NAMA will look favourably at funding such projects. However, as the Deputy is aware, there are sometimes other stakeholders involved who also have to play their part and sometimes it is not possible that full co-operation can be achieved despite NAMA's best efforts. NAMA is committed to providing substantial funding on a commercial basis to its debtors and receivers to maximise the return that NAMA can generate on behalf of taxpayers from development assets within its portfolio. In other words, it is in the interest of NAMA to see development proceed so that it can return moneys to the taxpayer.

The NAMA board has, in this respect, undertaken to facilitate the timely and coherent delivery of key grade A office, retail and residential space within the Dublin docklands strategic development zone and to facilitate increased residential delivery in the greater Dublin area and other locations where residential development may be commercially viable. The Deputy will be aware, for example, of the recent announcement by the NAMA board that a residential delivery target of 20,000 units on a commercial basis by the end of 2020 is potentially achievable through NAMA funding. NAMA is making substantial progress in both respects. Just over a year since the NAMA board adopted its strategic business plan for NAMA assets in the docklands, it has facilitated planning processes relating to more than 2.5 million sq. ft. of commercial space. NAMA wants to get on with the job and to finish up its work as quickly as it can.

On the residential front, by the end of this year, NAMA will have funded the construction of more than 2,300 new residential properties in Dublin and in the neighbouring counties of Wicklow, Kildare and Meath. An additional 3,000 new residential properties are currently under construction and planning is in place for a further 4,900 properties.

NAMA's ultimate objective is to repay its debt and generate a surplus for taxpayers. It is well on track to do both and to do so sooner than could have been initially envisaged. NAMA has said that it aims to redeem a cumulative 80%, approximately €24 billion, of its senior bonds by the end of 2016 and to have redeemed all of its senior bonds by the end of 2018. This is two years ahead of NAMA's previous target of 2020. NAMA has, to date, redeemed €22.1 billion of senior bonds, 73% of the €30.2 billion of senior bonds originally issued in 2010 and 2011 to acquire bank loans. Reflecting NAMA's continued progress, it has redeemed €5.5 billion of senior bonds this year alone. NAMA has made major progress in reducing the State's contingent liability through the accelerated redemption of its Government guaranteed senior bonds. There is progress being made.

Since its inception, NAMA has reduced this contingent liability from €30.2 billion at its peak to €8.1 billion, a reduction from over 18% of GDP to around 4% of GDP today. The NAMA chief executive has said that NAMA remains confident that this senior debt contingent liability will be eliminated in full by 2018, two years ahead of NAMA's original strategic plan. NAMA is ahead of schedule because of its ability to take advantage of favourable Irish market conditions since the end of 2013 to increase the flow of assets to the market.

Coming back to the specific question, NAMA is legally constrained from commenting on assets that are under the control of its debtors because such information is confidential information as defined by the NAMA Act. Therefore, neither I nor the Minister for Finance would have, nor should have, knowledge of a specific property's relationship with NAMA, if any. NAMA operates a dedicated email address for Members to raise matters of concern directly with it and I have no doubt the Deputy has raised this matter with it. As I said, NAMA will look favourably on any commercially viable proposal but on occasion, it is just one of a number of stakeholders.

Bernard Durkan (Kildare North, Fine Gael)
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I thank the Minister of State for his comprehensive reply. Time is critical and now is the time for NAMA to look at the assets it controls in Naas and to consider to what extent it can facilitate a reactivation of the development that is holding up development of the town centre because it has much wider implications and affects the entire town and outlying regions.

While we are on the job, I suggest they might liaise with the local authority. I know they are in discussion with it and with the arbitration services, as should be the case. I would ask them to concentrate their efforts with a view to bringing about an early indication as to where they are heading. From here on in, the confidence of the local community, the business sector and those who are seeking local authority and private housing will be facilitated or otherwise by the extent to which NAMA can act as an impeller in propelling the development forward.

Several years have elapsed since the development stalled. Sufficient time has now gone by. It is imperative that NAMA not only look at the town centre in Naas but also at the other adjoining towns in County Kildare, with a view to ascertaining the extent to which it can facilitate the early resumption of development and the bringing to a conclusion of the freeze that has kept the place under a cloud for some time.

Simon Harris (Wicklow, Fine Gael)
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I thank Deputy Durkan. As I said, NAMA is legally constrained from commenting on assets under the control of its debtors. Because this is confidential information, neither myself nor the Minister for Finance would have knowledge of a specific property's relationship with NAMA. Section 99 of the NAMA Act 2009 sets out how the transfer of loans and the various rights and obligations relating to debtors, their assets and loans are acquired by NAMA. Section 202 of the NAMA Act, however, prohibits the disclosure of confidential information of any business or person as set out in section 202(2).

That is not to say that NAMA cannot provide information in terms of where things currently stand. As the Deputy feels passionately about this issue, I suggest that he could pursue it directly with NAMA. NAMA operates a dedicated email address to enable Senators and Deputies to raise matters of concern with it directly. Any Deputy or Senator who has a concern about a particular sale or seeks information on the current status of a project should feel free to bring the matter to NAMA's attention. While respecting the confidentiality and very strict law within which NAMA must operate, I am sure it will be as helpful as possible in providing information to the Deputy. I have no doubt he has already raised this or indeed other matters with NAMA and will be fully aware that it does investigate all matters of concern brought to its attention.

I thank the Deputy.