Dáil Éireann Debate, Thursday - 28 February 2013
92. Deputy Michael McGrath asked the Minister for Finance the plans the National Asset Management Agency has to demolish category 4 unfinished estates; the timetable envisaged for such actions; the cost incurred to date in the demolition of unfinished estates; and if he will make a statement on the matter. [10896/13]
Amharc ar fhreagraNAMA advises that it has no current plans to demolish further developments but that this may be considered as a means of reaching resolution on properties where the development is, for reasons including economic and structural considerations, not viable. Decisions will be made on a case by case basis as part of the Site Resolution Plan process to be agreed with each relevant local authority. NAMA advises that the only previous instance of it sanctioning the demolition of residential property securing its loans was in the case of a County Longford apartment block. In that instance, Longford County Council in detailing Category 4 remediation works to be taken as part of the agreed Site Resolution Plan in respect of a residential development located within its functional area sought the demolition, on health and safety grounds, of an unsafe apartment block containing 12 apartments. The demolition of this block was undertaken in 2012. NAMA advises that demolition and site remediation costs were of the order of €150,000.
