Dáil Éireann Debate, Tuesday - 16 April 2013
821. Deputy David Stanton asked the Minister for the Environment, Community and Local Government the number of value of bonds held by financial institutions in respect of housing developments in each of the respective local authority areas; the way these bonds can be accessed by local authorities; and if he will make a statement on the matter. [17037/13]
View answerConditions attached to planning permissions for residential development must require the giving of sufficient security prior to commencement of development. Existing guidance to planning authorities requires that they must ensure that they are in a position to draw down the security in cases where a developer fails satisfactorily to complete a residential development, or phase of a development, within the specified period.
The guidance specifies that it is a matter for the planning authority to determine both the level of the security and the type of security. This can take the form of the lodgement of a bond from a financial institution, a cash lodgement by the developer to the planning authority or a letter of guarantee.
While the form of the bond, the amount and the terms attached are matters for the planning authority concerned, the arrangement entered into must enable the planning authority, without cost to itself, to complete the necessary services (including roads, footpaths, water mains, sewers, lighting and open space) to a satisfactory standard in the event of default by the developer.
The information sought in relation to the value of bonds held is not available in my Department.
