Dáil Éireann Debate, Thursday - 28 February 2013
93. Deputy Michael McGrath asked the Minister for Finance the amount of office space currently controlled by the National Asset Management Agency; the way this is expected to increase arising from its recently announced investment programme; and if he will make a statement on the matter. [10897/13]
View answerI am advised that the square footage of office space controlled by NAMA is not publically available. However NAMA provides a breakdown, by value and classification, of properties securing its loans in its 2011 Annual Report, which is available on its website, www.nama.ie. NAMA has indicated that it expects to advance, on a commercial basis, at least €2 billion in development capital over the next four years in Ireland to facilitate the completion of existing residential and commercial development projects and to facilitate new development for which demand has been confirmed. Reflecting both the existing breakdown of properties securing NAMA’s loans and the expected demand over the medium-term for new office accommodation within the Dublin Central Business District, as indicated, for instance, by IDA, NAMA expects that a significant proportion of future development capital advances will relate to commercial development, including new office space. As the approval and drawdown of development capital are dependent on a range of considerations, including the selection of projects that can generate the best commercial return, the resolution of outstanding issues with local authorities, consideration of the most appropriate funding and delivery models, and engagement with external parties, including prospective end users, it is not possible at this juncture in NAMA’s project planning to provide a breakdown of likely additional development by asset class.
