Speaking in the Dáil today, Deputy Burton called on the Government and NAMA to clarify as soon as possible the position in respect of a possible role by NAMA in the development of the Battersea power station project in London.

Given the monies involved, it is important that NAMA clarifies its role in relation to the companies and individuals involved in this project. Media reports
suggest that two of the principals involved, Johnny Ronan and Richard Barrett, and the companies, in which they have a stake, including Treasury Holdings and Real Estate Opportunities (REO) are in the NAMA process.

It appears as though a case is being made for NAMA to facilitate the development of a Special Purpose Vehicle for the Battersea power station project, which is estimated to cost between £5bn and £6bn. There are also suggestions that NAMA could be an investor in this project.

NAMA is operating under an information blackout as far as the Oireachtas is concerned. Despite promises to produce a business plan, and to have this plan made available to the Oireachtas, we are now approaching the summer recess with no sign of the plan.

During the NAMA debate, Fianna Fáil were at pains to stress at all times that their NAMA plan was not a bailout for property developers, many of whom are notable financial backers of the party. It is now incumbent on the Minister to clarify for te Oireachtas, before the recess, what has happened to the revised business plan and what is the position in relation to the top developers, including in particular the recent revelations in relation to REO and its principals.

There was a provision in the NAMA legislation for up to €5bn in advances to be made to developers involved in the process to finish developments. It would be ironic if this money was used to stimulate activity in London, rather than in the hard-pressed Irish construction sector.