Bernard Durkan (Kildare North, Fine Gael)
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Question 182: To ask the Minister for Finance if there is any evidence to the effect that some housing estates, partially constructed or otherwise incomplete, are being stripped out and the fittings disposed of; if such alleged activity relates to any developments acquired by the National Assets Management Agency or other interested parties including financial institutions in which NAMA has an interest; if approval for such activity has been sought, granted or is pending on such matters; and if he will make a statement on the matter. [25659/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Participating institutions have a duty under section 71 of the NAMA Act 2009 to administer, service and deal with all eligible bank assets with professional skill, care and diligence. In addition, NAMA has powers under section 141 of the Act to take measures to protect the value or conditions of land or buildings where it has acquired bank assets secured by a charge over land.

The transfer of the first tranche of loans from the five participating institutions concluded last month. At this early stage, NAMA has taken over only the loans of the largest borrowers and has not realised any underlying securities.

NAMA has advised me that it is not aware of developments in which its borrowers have an interest being stripped out of fittings in the manner in which he has described. There is an onus on such borrowers to take appropriate security measures to protect such property.

If the Deputy is aware of instances of possible illegal activities, he should bring the matter to the attention of the appropriate authorities.