Alice-Mary Higgins (Independent) | Oireachtas source

I move amendment No. 1:

In page 8, line 8, after “provisions” to insert the following: ", which days shall not be before the publication of the final report of the Commission of Investigation into the National Asset Management Agency".

This amendment relates to the commencement of the legislation. It suggests it would be advisable if the commencement of the Act were not sooner than the publication of the final report of the commission of investigation into the National Asset Management Agency, NAMA. The Minister will be aware that, in 2017, the Government set up an investigation into NAMA, particularly Project Eagle and the associated portfolio. The reason this is relevant is that I believe we have a record in this State of having an agency set up at a slight arm's remove from the State to which the State has given immense power. NAMA was given access to an extraordinarily large portfolio of properties.It was regrettable that more of those properties designated to NAMA were not directed towards addressing our housing crisis. In fact, there is a strong record of NAMA selling many of its portfolio properties in bulk to investment firms. That is the basis of the current investigation into Project Eagle. The report on that, which has been postponed a number of times, is due in September this year. Given that the report is due in September, it would seem advisable to wait until it is published before we commence another very large agency, which will also have extraordinary powers and access to a large portfolio of properties, so we can ensure that if there were structural or systemic problems or faults within the operation of NAMA, we can learn from them, apply them and ensure the same or similar mistakes are not made in respect of the land development agency, LDA. I hope the Minister will be able to accept the amendment.