Tuesday, 2 July 2013

Questions (133)

Mary Lou McDonald

Question:

133. Deputy Mary Lou McDonald asked the Minister for Finance if he will outline where and when the National Asset Management Agency intends to spend the €2 billion it has announced as part of its investment plan which will see it overhauling assets underlying loans in the south of Ireland. [31880/13]

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Written answers (Question to Finance)

I refer the Deputy to pages 29-31 and pages 53-54 of NAMA’s Annual Report and Financial Statements for 2012, which contain detailed information on the Agency’s funding in Ireland to enable construction projects currently in progress to be completed and to develop new projects to meet prospective supply shortage in certain market segments. The Report includes examples of some significant capital projects currently approved for funding by NAMA. I am advised by NAMA that it has, to date, approved development funding of over €800m for projects in Ireland that over €500m of this has been drawn down in respect of a range of commercial, retail and residential projects, including projects located in Dublin, Cork, Drogheda, Galway and Kildare. NAMA is seeking investment propositions to deploy its development capital on a commercial basis.