Dáil Éireann Debate, Tuesday - 17 October 2023
312. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage the total capitalisation of the Land Development Agency to date; the dates on which the capitalisation took place; the amounts of funding allocated on each of these dates; and how these funds are allocated both in terms of voted Government expenditure and the general Government balance. [44747/23]
View answer332. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage the total approved capitalisation approved by Government to date; the dates on which these capitalisations were approved; the amounts of this capitalisation drawn down to date; the total additional borrowing capacity permissible by the LDA in addition to this capitalisation; and the amount of this borrowing approved and drawn down to date. [44991/23]
View answerI propose to take Questions Nos. 312 and 332 together.
The LDA currently have access to €1.25bn of capital from the Ireland Strategic Investment Fund (ISIF) and a further €1.25bn of borrowings as provided for under the LDA Act. Of the €1.25bn available through ISIF, the LDA have to date drawn down €625m of this funding - €100m on establishment in 2021, and I approved a further €525m paid over two tranches in H1 2023. I agreed and approved €250m on 2 February 2023 and a further transfer of €275 million to the LDA on 19 April 2023. This leaves a balance of €600m to be drawn down as required, and it is projected by the LDA that this will be committed by year end 2023. The LDA have so far not availed of their borrowing powers.
As the LDA are capitalised from the ISIF, this has no effect on the General Government Balance.
Since transition to the commercial state body status, some voted Exchequer funding is provided to the LDA to cover expenditure associated with their non-commercial functions. These functions are detailed under Section 29 of the LDA Act 2021 and include the development of a Register of Relevant Public Lands, the development of a report to Government on relevant public lands and any functions associated with the development of a Strategic Development Zone as provided for under Part IX of the Planning and Development Act 2000, as amended.
Exchequer funding of €5.75 million has been allocated to the LDA in 2023 to cover expenditure associated with their non-commercial functions.
