Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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The Poolbeg strategic development zone, SDZ, is the last major strategic site for residential development in Dublin city. It has the potential to deliver 3,500 homes, including 10% Part V social homes and over 600 affordable homes. For the development to proceed an agreement is required between Dublin City Council, the Department of Housing, Local Government and Heritage and the developer, the Johnny Ronan group and Lioncor Developments, over the delivery of the affordable homes. Unfortunately the developer paid significantly over the guide price for the land in question and the latest information we have from it is that the all-in development cost per unit of accommodation could end up being somewhere between €600,000 and €700,000. The problem with that is when you match the cost of the units with Government affordable housing schemes, an agreement cannot be reached. If an agreement cannot be reached, not only can the development not proceed but also the communities of Ringsend and Irishtown could lose these much-needed affordable homes. The National Asset Management Agency, NAMA, retains a 20% stake in the development. The only way the affordable homes can be delivered is if NAMA's 20% stake is transferred to Dublin City Council and is used as part of the negotiation between the council, the developer and the Department to reduce the all-in cost so that hardworking families and singles in that part of the city can get genuinely affordable homes.

I know the Minister of State will not give us good news today because he is here to read the script, and I appreciate that. As well as responding formally to this matter, I ask the Minister of State to take back the message from Deputy Andrews and I, and the communities of that part of the city, that both the Minister for Finance, Deputy Michael McGrath, the Minister of State's party colleague, the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, need to talk to NAMA. Given that NAMA will have to dispose of its 20% interest by 2025 anyway, the most logical place to dispose of it is through Dublin City Council. I urge the Minister of State to convey our request for that to happen in order to allow this scheme to develop and proceed.

Chris Andrews (Dublin Bay South, Sinn Fein)
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The glass bottle site has been at the heart of the Ringsend and Irishtown community for generations, and families from the community worked there for generations. Seven years ago, there was an agreement to develop 350 public homes and 550 affordable homes there. Residents in Ringsend are increasingly frustrated that there are still no homes on that site and it does not look like there will be any homes on it for a number of years to come. The flats in Ringsend are already overcrowded. In some instances, there are three generations of families living in small two-bedroom flats. Families who have neurodiverse children are already struggling in overcrowded housing. The flats, in many cases, have chronic dampness and mould, and overcrowding is only adding to this.

From day one the Irish Glass Bottle Housing Action Group has done fantastic work in campaigning to get housing on this site. Along with my colleague, Councillor Daniel Céitinn, I met the housing group last week and it is furious with the delays that have occurred. The prices being talked about are ranging between €600,000 and €700,000, depending on the size of the unit being built. That is far from affordable. The longer it takes to start building these homes, the higher the costs will be because of building inflation. We need to see movement, therefore; it is the least the residents in Ringsend and Irishtown deserve. We need to see an agreement on the price and we also need to know how the Government will make these homes affordable because €500,000, €600,000 or €700,000 is not affordable to ordinary working families. How will the Government bring the price down?

As my colleague Deputy Ó Broin has said, NAMA will be wound down in 2025. We would ask the Government, along with the Irish Glass Bottle Housing Action Group and residents in Ringsend and Irishtown, to ensure that the 20% stake NAMA has in the glass bottle site is given to Dublin City Council. The council can then use that to nudge the affordability of these homes towards something that is realistic for ordinary families.

Jack Chambers (Dublin West, Fianna Fail)
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I thank the Deputies for raising this issue. I wish to advise the Deputies that the Poolbeg west strategic development zone, SDZ, planning scheme includes a requirement for 25% of the residential units delivered in the SDZ to be reserved for social and affordable housing, comprising 10% Part V social housing and 15% affordable housing. NAMA retains a 20% minority interest in a 37.2 acre development site located within the SDZ. A consortium of Ronan Group Real Estate, Oaktree Capital Management and Lioncor Developments owns the controlling 80% stake in the site. The development site has capacity for up to 3,800 residential units, of which 25%, or 950 units, will be social and affordable homes, and approximately 1 million sq. ft of commercial development, as well as educational facilities, public open spaces, civic spaces and other community amenities.

The development of the site is being undertaken by the consortium as controlling shareholders. No development can commence until a commercial agreement is reached with Dublin City Council or the Department of Housing, Local Government and Heritage on the affordable units. I am advised that planning permission has been granted by Dublin City Council for 894 residential homes on the site. This permission includes a provision for the requisite 25%, as required by An Bord Pleanála’s grant of planning condition for the SDZ. Separate planning applications are currently under consideration by Dublin City Council for an additional 516 residential units, including 129 social and affordable homes, and 495,000 sq. ft of commercial space. Planning applications for later phases of residential development will also be required to provide for 25% social and affordable homes per the planning scheme. In total, it is expected that 950 social and affordable homes will be delivered on the site.

As the Deputies may be aware, section 9 of the National Asset Management Agency Act 2009 provides that NAMA is independent in the performance of its functions and that the Minister has no role in relation to its commercial operations or decisions. Nor is the Minister party to commercial transactions or agreements in which NAMA is engaged. NAMA is progressing its objective of facilitating the development of the site, including the delivery of the social and affordable homes, to achieve the maximum return to the taxpayer. The transfer of NAMA's 20% shareholding to a suitable State body is a matter that the Minister may have to consider in conjunction with NAMA, as the agency winds down by the end of 2025.

Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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I often wonder if Ministers of State did something bad in a previous life that has caused them to be sent in here week after week to read out statements. This issue, in fairness to the Minister of State, is not his brief or portfolio. I thank the Minister of State for the information, which is identical, word for word, to a parliamentary question reply I got two weeks ago. However, having the Minister of State read it out to me rather than having to read it for myself is much more pleasurable.

We are asking the Minister of State to do something simple, and I appreciate that we have to go through this little bit of performance. There is a significant request from ourselves, from a unanimity of councillors representing the local electoral area on a cross-party basis, and from the communities there, on the NAMA stake. This will have to be transferred to a public body and the only way we will get the affordable homes, which is a legal requirement of the SDZ, and get the entire scheme unlocked, is if NAMA's interest is transferred to Dublin City Council. I know that in his reply the Minister of State will not give me the information I am looking for but I ask him to give us an assurance that he will at least pass on, both to the Minister for Housing, Local Government and Heritage, Deputy Darragh O'Brien, and the Minister for Finance, Deputy Michael McGrath, the need for them to actively consider this.

Chris Andrews (Dublin Bay South, Sinn Fein)
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As has been said, it is important that NAMA transfers its holding to Dublin City Council. Residents from Ringsend and Irishtown living in overcrowded accommodation that is filled with dampness and mould need this and it is necessary to develop a strong community. Housing is a key element to that. It has been seven years since an agreement was reached to develop public housing on this site. We are still waiting, as are residents in Ringsend and Irishtown. That site, as I said, has been a critical part of the community for generations. Families have worked there and hopefully families will live there in the future. There is a concern because of the high cost of €600,000 or €700,000 per unit that the social housing may be delivered off-site. It is also important for the Government to reassure residents that this will not happen.

Jack Chambers (Dublin West, Fianna Fail)
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I thank both of the Deputies for raising this issue. I will reflect the feedback they have provided and what they have stated regarding the community's perspective on this, which is important. As I stated, I have been advised by NAMA that it holds a 20% equity interest in the development site at Poolbeg west SDZ. Under the terms of the shareholder agreement NAMA entered into in 2021, all shareholders, in accordance with an agreed business plan, can be requested to meet their respective capital commitments prorated to their equity interest. Otherwise, the specific terms of the shareholder agreement and the value of such commitments are commercially sensitive. I highlight again for the Deputies that NAMA is progressing its objective of facilitating the development of the former Irish Glass Bottle site, including the delivery of social and affordable homes. The Minister for Finance is satisfied that NAMA has the requisite resources, skills and experience to progress the development at this time. As I mentioned, the transfer of NAMA's 20% shareholding to a suitable State body is a matter the Minister may have to consider in conjunction with NAMA when the agency winds down in 2025.