NAMA Portfolio

Dáil Éireann Debate, Tuesday - 5 March 2013

Tuesday, 5 March 2013

Questions (161)

Pearse Doherty

Question:

161. Deputy Pearse Doherty asked the Minister for Finance if he will confirm that the National Asset Management Agency is to demolish half a dozen ghost estates here, if he will confirm the approach taken by NAMA in making a demolition decision; the overall cost of demolishing such estates; if the estates have already been identified; and if so, if he will provide their addresses and provide a reassurance that NAMA will first attempt to dispose of ghost estates prior to demolition in order to minimise the cost of NAMA to the taxpayer. [11345/13]

Written answers

Minister for Finance

I refer the Deputy to my response to Parliamentary Question No. 92 of 28 February 2013 in which I set out the following facts. NAMA advises that it does not take a decision to demolish any development lightly but that this may be considered as a means of reaching resolution on properties where the development is, for economic, structural and safety reasons, not viable. Decisions are made on a case by case basis as part of the Site Resolution Plan process agreed with each relevant local authority. NAMA advises that the only previous instance of it sanctioning the demolition of residential property securing its loans was in the case of a County Longford apartment block. In that instance, Longford County Council, in detailing Category 4 remediation works to be taken as part of the agreed Site Resolution Plan in respect of a residential development, sought the demolition on health and safety grounds of an unsafe apartment block containing 12 apartments. The demolition of this block was undertaken in 2012. NAMA advises that demolition and site remediation costs were of the order of €150,000.