Brian Hayes (Dublin South West, Fine Gael)

I fully agree there is a necessity to complete unfinished estates where there is demand in an area, particularly built-up areas in which there are still employment opportunities. Under the NAMA Act, the agency has power to borrow up to €5 billion in working capital for the purpose of advancing new money to complete developments or projects where it is commercially advantageous to do so. All approvals of working and development capital are subject to a credit decision-making process approved by the board of NAMA. To the end of April 2011, the agency has approved more than €800 million in new money advances. For example, it advanced in the region of €100 million to Google for the completion and sale of high-profile buildings. NAMA has this capacity to provide working capital as a means of completing a development, but that can only be done on a case-by-case basis.

In the case to which the Senator referred, there is a role for the local authority in pushing the issue with NAMA so that the agency is fully apprised of the circumstances. Where it is commercially viable for these matters to come to a conclusion, my understanding is that they can and do come to a conclusion. In the case the Senator highlighted, it is certainly a matter worth pursuing with the local authority and NAMA.