Emmet Stagg (Kildare North, Labour)
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Question 114: To ask the Minister for Finance if it is envisaged that the national asset management agency will become, in effect, a development company, raising or providing capital for the purposes of completing development projects for the purposes of maximising return; if, in these cases, defaulting developers will be allowed to retain an equity stake in the projects; if NAMA has a planning and development role in view of comments (details supplied); and if he will make a statement on the matter. [18973/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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NAMA will have a commercial mandate to recover debt and in doing so it will actively manage the loan portfolios that it acquires, taking all necessary steps to ensure the maximum return for the taxpayer.

This role may, on occasion, result in NAMA taking possession of certain incomplete sites or developments. To fully realise the value of such sites or developments NAMA will need the power to ensure that they can be fully developed prior to disposal. There are a number of ways that this can be achieved including through joint ventures or partnerships, special purpose companies or the direct provision of working capital. The powers of NAMA to deal with the workout of incomplete developments will be set out in the NAMA legislation which I propose to introduce before the summer.