Dáil Éireann Debate, Wednesday - 21 April 2021
830. Deputy Ged Nash asked the Minister for Housing, Local Government and Heritage his views on remarks made by the outgoing interim chair of the Land Development Agency that the current allocation of €2.5 billion for the agency for delivering housing is insufficient (details supplied); and if he will make a statement on the matter. [20247/21]
View answerThe Land Development Agency (LDA) was established on an interim basis in September 2018, by way of an Establishment Order made under the Local Government Services (Corporate Bodies) Act 1971, pending the enactment of primary legislation when it will be established as a commercial State agency.
I can confirm that all of the LDAs funding requirements to date have been provided for by my Department. The LDA has been progressing significant preparatory work on its existing sites made available to them, with feasibility, planning and other preparatory work already initiated.
As stated in the Programme for Government, legislation to establish the Land Development Agency (LDA) on a statutory basis is being progressed as a matter of urgency. The LDA Bill will focus on the establishment of the corporate form and financial structure of the Agency. The LDA Bill was recently published and has been debated at Second Stage in Dáil Éireann. Once the primary legislation is in place, arrangements will be finalised for the capitalisation of the LDA with funding of up to €1.25 billion being provided from Ireland Strategic Investment Fund (ISIF).
The overall capitalisation of €1.25 bn for the LDA from ISIF, along with its borrowing ceiling of €1.25 billion, are prescribed in the LDA Bill which the LDA was consulted on during the Bill drafting phase. The New Economy and Recovery Authority (“NewERA”)(a business unit of the National Treasury Management Agency) also advised the Department of Housing and the Department of Finance on the appropriate borrowing limit for the LDA.
If additional capitalisation of the LDA is required in the future, the matter will be considered at that time.
