Results 5,001-5,020 of 16,537 for speaker:Brian Lenihan Jnr

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: That does not arise from this amendment.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Clause (b) has been excised.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: No, there is an amendment on Report Stage excising it.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: It is in the Bill subject to Report Stage.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: We did not formally excise it.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: There is a later amendment to deal with that.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: My amendment seeks to include the phrase "to contribute to the social and economic development of the State" in this section. That formula is identical to the other amendments, apart from the issue of sustainable which I will return to in a moment. On the merit of the amendment, I agree with Deputy Rabbitte that it is essential that this should be in the purpose of the section. It is worth...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Generally a local authority should take such an estate in charge.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: We had spectacular examples of this in the 1970s and 1980s but nowadays there is a bonding system in operation-----

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: -----where there is an insurance bond, which the developer normally must have entered with the local authorities, as an aspect of good local authority practice. If it is a dereliction on the part of the local authorities, that is a serious matter. From my experience, local authorities have these bonds, which are issued by insurance companies and which assure the completion of these developments.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Local authorities have legal, statutory obligations. If there is dereliction on the part of local authorities, the local members will have to hold the officials in those authorities to account for their dereliction of duty. NAMA cannot be used in terms of its commercial mandate to act as a substitute for derelict behaviour on the part of local government.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: There will be a need for them. I accept that. The Deputy has instanced one difficult area in a conventional type of development, but if a management company will be in place-----

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: -----and NAMA will take the position of a management company, the position will be even more difficult.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Yes, we have. Legislation is being introduced but it needs to be expedited. Deputy Higgins referred to sections 13 and 14. The compelling need that is now inserted in the legislation is supported by the powers of direction and guidelines in sections 13 and 14. The Deputy postulated this conflict between the economic and the social. NAMA clearly has to operate within a commercial mandate,...

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: Yes.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: My amendment provides that it is "the social and economic development of the State".

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I move amendment No. 6: In page 17, line 14, to delete "and".

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: I move amendment No. 7: In page 17, line 17, to delete "sector." and substitute the following: "sector, and (viii) to contribute to the social and economic development of the State.".

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: The Dáil saw fit.

National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage (5 Nov 2009)

Brian Lenihan Jnr: The Government saw fit.