NAMA Loan Book

Dáil Éireann Debate, Wednesday - 20 March 2013

Wednesday, 20 March 2013

Questions (221)

Thomas P. Broughan

Question:

221. Deputy Thomas P. Broughan asked the Minister for Finance if the assets of a developer being taken over by the National Asset Management Agency can include what was formerly a designated public road, that is, an access road into an unfinished housing estate; the number of such roads that NAMA has taken over across the country; if he will outline NAMA's obligations and responsibilities for any such roads under their control; and if he will make a statement on the matter. [13928/13]

Written answers

Minister for Finance

The National Asset Management Agency (NAMA) has acquired loans from participation institutions. NAMA is not the owner of properties. The Agency’s role is that of a secured lender. NAMA’s acquisition of loans has no implications for the designated status of public roads. Such roads remain in the full control of the relevant roads authority. Where NAMA holds security over unfinished housing developments it, in line with the recommendations of the report of the Advisory Group on Unfinished Housing Developments, requires its debtors and receivers to prepare a Site Resolution Plan (SRP) with input from all stakeholders, including residents, the bond holder, the local authority and the funder. This process, which is advocated by the Minister of State with special responsibility for Housing and Planning, is designed to ensure, inter alia, the early resolution of all taking in charge issues, including the taking in charge of infrastructure such as roads within the development.