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Taoiseach must look to Sinn Féin legislation for repurposing NAMA – Pearse Doherty TD

15 September, 2017 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has said he welcomes the Taoiseach’s announcement that there is a possibility of NAMA being repurposed as a means to tackling the housing crisis.

Deputy Doherty proposed legislation over a year ago proposing such a reworking of NAMA to former Minister Michael Noonan, who refused to contemplate it.

Teachta Doherty said;

“We are facing into an unprecedented crisis in housing and homelessness, of which the numbers have doubled since Fine Gael went into Government six years ago.

“Sinn Féin proposed legislation to change the remit of NAMA and the Ireland Strategic Investment Fund to invest in the economy to enable them to contribute more to the development of social housing within the State over a year ago.

“This would have been done by changing the mandate given to NAMA and the ISIF so that they are explicitly mandated to invest in social housing. For NAMA in particular, this means adding a mandate to contribute to the stability of the housing system through the provision of social and affordable housing.

“The Bill also compels the Minister for Finance to tell NAMA to examine its books with a view to achieving its new mandate to contribute social and affordable housing.

In effect, this means everything stops and NAMA has to reassess its assets with an eye to building or accommodating social and affordable housing as a priority.

“I have written to An Taoiseach Leo Varadkar asking him to consider this vital piece of legislation that could play a significant role in tackling this crisis.

“The crisis in housing requires urgent action. Resources available to the State such as NAMA need to be activated in a strategic manner to create a supply of social and affordable housing.

“I hope An Taoiseach will seize the opportunity presented by my legislation to follow through on his words. If that happens, Sinn Féin stand ready to progress the legislation quickly.”


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