Dáil Éireann Debate, Tuesday - 27 November 2012
216. Deputy Pearse Doherty asked the Minister for Finance further to the announcement by the National Asset Management Agency on 23 May 2012 in which it said that it would invest €2bn in its developments over the next four years, if he will confirm the volume and value of approved investments to date corresponding to this plan; if he will confirm the value of investment actually drawn-down from approvals to date. [52440/12]
View answer217. Deputy Pearse Doherty asked the Minister for Finance further to the announcement by the National Asset Management Agency on 23 May 2012 in which it said that it would invest €2bn in its developments over the next four years, if he will provide a schedule showing the planned investment by year in 2012, 2013 2014, 2015 and beyond; and if he will provide an overview of the control mechanism National Asset Management Agency has in place to monitor progress in meeting the planned investment. [52441/12]
View answer218. Deputy Pearse Doherty asked the Minister for Finance further to the announcement by the National Asset Management Agency on 23 May 20123 in which it said that it would invest €2bn in its developments over the next four year, if this planned investment is additional to so-called working capital and other advances made by National Asset Management Agency to developers which at February 2012 had totalled €980 million of advances and €740 million of drawndowns, and if so, if he will provide an updated tally of approved and drawn-down advances, split by region. [52442/12]
View answer219. Deputy Pearse Doherty asked the Minister for Finance further to the announcement by the National Asset Management Agency on 23 May 2012 in which it said that it would invest €2bn in its developments over the next four years, if National Asset Management Agency has been consulted to establish if legislators might be able to facilitate NAMA in delivering this planned investment; and if he will make a statement on the matter. [52443/12]
View answerI propose to take Questions Nos. 216 to 219, inclusive, together.
The National Asset Management Agency (NAMA) announced on 23rd May that it plans to invest, given the right opportunities, at least €2 billion in development capital in order to preserve, enhance and complete commercial and residential projects in Ireland over the period to 2016. NAMA stated at the time that this includes the completion of properties which are currently under development and the development of land in anticipation of future supply shortages and demand.
Prior to the announcement NAMA had already committed over €500 million in new working capital and development capital advances for projects which are located in Ireland. NAMA advises that the €2 billion investment announced in May is in addition to this prior investment.
The €2 billion investment forms part of NAMA’s wider operations and is accounted for in the normal manner. The advances and drawdowns by region are set out hereunder from inception to end-September 2012; this figure includes the February 2012 amounts quoted by the Deputy.
New Advance Approvals of €1.5 billion are split between:
|
Approved Credit Advances by Area |
% Total |
|
ROI |
41% |
|
GB |
51% |
|
NI |
1% |
|
Other |
7% |
Actual drawdown payments of €927 million are split between:
|
Actual Drawdown Payments by Area |
% Total |
|
ROI |
46% |
|
GB |
46% |
|
NI |
1% |
|
Other |
7% |
NAMA’s Annual Report and Financial Statements for the period to end-December 2011 contains extensive information on its working capital and development capital advances, including the structures and mechanisms in place to ensure the delivery of projects in line with proven and anticipated market demand and NAMA’s commercial mandate to maximise the return on its acquired bank assets on behalf of the Irish taxpayer. In this regard, NAMA advises that it is currently assessing a wide range of projects that may be suitable for development by reference to projected demand. Decisions to invest will be based on those projects which are considered most likely to generate a strong commercial return to the taxpayer. NAMA advises that as project appraisal is still on-going it is not possible to provide the schedule sought by the Deputy. NAMA advises that it engages, as appropriate, with public bodies, including government departments, state agencies such as the IDA and local authorities, in both the identification and delivery of critical infrastructure development planning linked to this and other investment activities.
