Brian Lenihan Jnr (Dublin West, Fianna Fail)

With respect, there is a substantial change. Market values have fallen dramatically; the values of the lands required for these purposes are often very low. Extortionate demands were placed on the Department of Education and Science for the acquisition of lands for school sites. That will not apply in this Bill because NAMA will be in a position to give a first opportunity to the relevant school patron. The power of direction is more powerful in this context. There are particular parts of the State such as east Meath and west Dublin where there has been very rapid housing development without the immediate provision of the essential primary education facilities. Were I to discover that NAMA was about to dispose of a large amount of land with housing built on it in the absence of school facilities, the powers conferred on the Minister are wide enough to require NAMA to make a school site available on that land at a reasonable charge to the relevant authority. There is a substantial amount for which the agency will be able to secure a social dividend.

We cannot put all this off balance sheet and write it off as a loss to the taxpayer in some discreet way.