Averil Power (Fianna Fail)

I welcome the Minister to the House. I join my colleagues in highlighting the need for greater transparency in the way NAMA does its work. It is a crucial factor in having public confidence in the institution. Other issues also need to be prioritised to ensure people and the taxpayer have confidence in the institution and feel it will deliver value for money and its social objectives, as NAMA was also supposed to deliver social dividends in the housing sector during its term of office.

Several months ago I raised the issue of the extent to which NAMA is proactive in chasing developers filing bankruptcy proceedings outside the State with the Minister of State, Deputy Brian Hayes, who gave me a general reply but not much more. The Minister is very aware of the situation in Priory Hall and the despicable conditions in which residents found themselves when they were left living in a death trap and had to be evacuated from their homes overnight. To add insult to the injury of this trauma and despite bankruptcy proceedings having been lodged here, they had to watch the developer concerned, Thomas McFeely, go to London to avail of bankruptcy tourism, which will ultimately mean he will be free to go about his personal and professional business sooner than if he had taken the appropriate course through the Irish courts. The fact that NAMA has not pursued him has caused incredible anger among residents. A private individual, a lady who was a victim of one of his other developments, is taking a case. My colleague, Senator Darragh O'Brien, wrote to the Minister to highlight the issue. While I appreciate the Minister cannot respond to me on an individual development on the floor of the House I impress on him the need to raise the general issue with NAMA.

To have confidence in the institution people need to feel that NAMA is taking the same steps as a private institution would and precedent was set by the Sean Quinn case. He was declared bankrupt in Belfast but this was challenged by the IBRC which was successful in proving his centre of interest was in the Republic and had the decision overturned. NAMA should take the same steps and pursue people with exactly the same vigour on behalf of the taxpayer as any other institution would.

Many unfinished estates throughout the country are related to NAMA loans. People live in developments which are building sites, including in the north fringe in my area. People were promised a particular lifestyle and community facilities in these developments but instead they live in filthy dusty building sites without any of the promised community facilities. Some developments still have hoardings up stating they will open in 2006 or 2007. This is a very serious issue as people live in the most dreadful and unacceptable conditions. They bought at the height of the boom and paid a huge amount of money for their apartments and houses and now live in dreadful conditions. Is it the agency's intention to facilitate a process by which all of the affected estates would be brought up to a suitable standard as soon as possible? There is a social imperative for families living in these states to ensure they are provided with pleasant and safe places to live. The Minister is aware of the child who drowned in a development in Galway in February. This child had wandered out and across from his house to a pool of water in an unfinished development building site and was found dead. This is the harsh reality of what it is like and parents are concerned because they live across the road from building sites. There is also an economic imperative from the point of view of NAMA delivering value for money on the loans over time with regard to future site value of undeveloped land and empty units. To realise the best possible economic value, it would be worth considerably more if the development were finished properly. I appreciate they will not be finished to the full scale of what was initially promised, but new realistic plans should be drawn up for each. In the current context it might not cost that much and might help to stimulate economic activity while ensuring that families have somewhere decent to live.

Transparency is a big issue as mentioned by my colleagues. However, the unfinished estates are important. NAMA needs to be rigorous in chasing developers and being seen to do so in order that people do not take advantage of the easier bankruptcy situation across the Border or across the water in Britain. I urge the Minister to address those issues which are important for public confidence.