Amendment No. 1 is a new section arising from the Instruction to Committee motion proposed by the Leader. Amendments Nos. 1 and 2 are related and amendment No. 2 is consequential on amendment No. 1. Amendments Nos. 1 and 2 may be discussed together by agreement. Is that agreed? Agreed.
Housing (Miscellaneous Provisions) Bill 2024: Committee and Remaining Stages
Sections 1 to 16, inclusive, agreed to.
NEW SECTION
Government amendment No. 1:
1. In page 10, after line 33, to insert the following:
“PART 4
AMENDMENT OF NATIONAL TREASURY MANAGEMENT AGENCY (AMENDMENT) ACT 2014
Amendment of section 42B of National Treasury Management Agency (Amendment) Act 2014
17. Section 42B of the National Treasury Management Agency (Amendment) Act 2014 is amended, in subsection (3A), by the substitution of “€2,500,000,000” for “€1,250,000,000”.”.
As previously outlined, there are two Parts to this Bill. The first relates to amendments to the Housing (Regulation of Approved Housing Bodies) Act 2019 and the second relates to amendments of the Affordable Housing Act 2021. As announced by the Minister on the Second Stage reading of the Bill in the Dáil on 8 October 2024, a further amendment is being brought forward that relates to the National Treasure Management Agency (Amendment) Act 2014 at this Stage.
The amendment being brought forward today will amend section 42B(3)(a) of the National Treasury Management Agency (Amendment) Act 2014. The purpose of the amendment is to increase the amount the Minister of Finance may direct the National Treasure Management Agency to pay to the Land Development Agency from the proceeds of the disposal of directed investment from €1.25 billion to €2.5 billion. The Land Development Agency Act originally provides for up to €2.5 billion in capital for the LDA. The LDA's 2024 to 2028 business plan, on foot of the significant increase in ambition for the agency envisaged in Housing for All, plans to deliver 12,900 homes over the lifetime of the plan. This increased ambition was identified as requiring increased funding for the agency.
In March 2024, the Act was amended to provide for an additional €2.5 billion of capital. To implement the budget 2025 decision to provide for a further €1.25 billion from the proceeds of the disposal of directed investments held by the National Treasury Management Agency, the Government has introduced this amendment to the National Treasury Management Agency (Amendment) Act 2014. The additional equity funding provided for in budget 2025 will ensure the LDA has access to a total of €6.25 billion in capital.
Amendment agreed to.
TITLE
Government amendment No. 2:
In page 3, line 9, to delete "and to provide for related matters" and substitute the following:
"to amend the National Treasury Management Agency (Amendment) Act 2014 to provide for increased funding for the Land Development Agency in certain circumstances; and to provide for related matters".
Amendment agreed to.
Title, as amended, agreed to.
Pursuant to Standing Order 154, it is reported to the Seanad that the committee has amended the Title to the Bill.
Bill reported with amendment.
When is it proposed to take Report Stage?
Is that agreed? Agreed.
Bill received for final consideration.
When is it proposed to take Fifth Stage?
Is that agreed? Agreed.
Question, "That the Bill do now pass", put and agreed to.
I thank Members, the Minister of State and his officials for their wonderful co-operation in this matter. When is it proposed to sit again?
Tomorrow at 10.30 a.m.
Is that agreed? Agreed.
Cuireadh an Seanad ar athló ar 3.47 p.m. go dtí 10.30 a.m. Dé Céadaoin, an 16 Deireadh Fómhair 2024.
The Seanad adjourned at 3.47 p.m. until 10.30 a.m. on Wednesday, 16 October 2024.