CIF: NAMA must provide finance
Addressing the first meeting in the CIF’s four-part seminar series, in Dublin’s Conrad Hotel yesterday, the federation’s president, Matt Gallagher, said that NAMA’s involvement “can support the restoration of a properly functioning property market by providing adequate working capital and finance into the sector.”
Mr Gallagher called on Government to “get to grips with Ireland’s unsustainable current spending levels” and to prioritise what he called “productive investments” in the economy “that will provide employment in the short-term and pave the way for future growth.”
As part of his opening address to yesterday’s seminar, Mr Gallagher also opined that the Government’s planned retrospective revision of legislation relating to existing business leases — or upward-only rent reviews — would actually represent “an economic own goal”.
“A new mechanism should be established to deal with the limited number of cases of hardship, where landlords and tenants are unable — or unwilling — to reach an agreement on rents,” Mr Gallagher said.
The CIF — which recently called for the Government to establish a specific ministerial office for the construction industry — is also calling for a reform of local government funding, “urgent reform” of wage-setting mechanisms in the construction sector, and a reversal of planned cuts to the Public Capital Programme for the next three years — plus the acceleration of the Government’s plans (including the setting up of a strategic investment bank) to invest in the country’s infrastructure networks.
Also addressing the seminar were NAMA managing director, Brendan McDonagh, and John Sisk & Sons managing director, Tom Costello.
Mr Costello said that the establishment of a National Infrastructure Authority is needed and that there should be a “single point of responsibility, in Government, for construction”.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
