Dáil Éireann Debate, Monday - 11 September 2023
968. Deputy Richard Boyd Barrett asked the Minister for Housing, Local Government and Heritage to outline the full cost of setting up the LDA in year 1 and the estimated full year cost to the exchequer in 2024 of the LDA; and if he will make a statement on the matter. [39308/23]
View answerThe Land Development Agency (LDA) was established on an interim basis in September 2018. The Land Development Agency Act 2021 was signed into law in July 2021. Following the commencement of relevant provisions of the LDA Act, the interim LDA entity was dissolved and all functions and staff of the interim LDA entity transferred to a new LDA Designated Activity Company (DAC) on 31 March 2022. This LDA DAC was incorporated by the Company Registration Office in December 2021.
A breakdown of the funding drawn down for the years 2018 and 2019 is set out in the table below.
|
Capital Expenditure Drawn Down € |
Current Expenditure Drawn Down € |
|
|
2018 |
n/a |
254,000 |
|
2019 |
467,000 |
1,941,000 |
The LDA's funding for 2024 is currently under consideration as part of the preparation of Budget 2024. This funding will be used to discharge expenditures incurred in carrying out LDA's functions in accordance with Section 29 of the LDA Act 2021.
Under the LDA Act, funding of up to €1.25 billion can be made available to the LDA for the purposes of its activities through an investment from the ISIF. The LDA also has the ability to borrow up to €1.25 billion to fund these activities.
