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NAMA Portfolio

Dáil Éireann Debate, Thursday - 20 February 2014

Thursday, 20 February 2014

Questions (36)

Seán Fleming

Question:

36. Deputy Sean Fleming asked the Minister for Finance his views on whether the National Asset Management Agency is fulfilling its mandate to deliver a social dividend; and if he will make a statement on the matter. [8384/14]

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Written answers

As the Deputy may be aware, Section 10 of the NAMA Act statutorily obliges NAMA to obtain the best achievable return for the State from the management or its acquired loan portfolio.  NAMA is obliged to carry out its functions in the context of the overriding commercial objective provided for by Section 10 of the Act and to recover the greatest amount possible for the taxpayer from the sale of loans and properties securing its loans.

Within this context, NAMA fulfils its social obligation remit by facilitating a dialogue between NAMA debtors and third parties so as to enable the latter to acquire suitable property for social, sporting and other public purposes.  Importantly, the NAMA Board has committed to giving first refusal to any public authority, including Government departments, State agencies and local authorities, in respect of the purchase of property from NAMA debtors and receivers which may be suitable for their purposes.  In line with this commitment, NAMA has accommodated the release of lands and property for schools, health care facilities, community and recreational amenities and other uses. Examples include the identification of over 4,400 houses and apartments for social housing and the establishment of a Special Purpose Vehicle to facilitate long-term leasing of these properties by approved housing bodies; the identification of more than 70 sites for new schools; and the identification of sites and buildings for primary health care centres and other step-down and community health care facilities.

In addition to NAMA's on-going engagement with public bodies in relation to specific initiatives, such as social housing, it is open to any public body to identify its interest in lands and property securing the Agency's loans.

I believe the approach determined by NAMA's Board is contributing in terms of its primary commercial objective, while at the same time contributing to the achievement of wider public policy objectives.  In light of this I do not intend to intervene, through legislative amendment or otherwise, in NAMA's positive work in this area.

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