Dáil Éireann Debate, Tuesday - 25 February 2014
190. Deputy Pearse Doherty asked the Minister for Finance his assessment of the impact of the National Asset Management Agency on the economy of the North of Ireland and if that impact has, to date, been positive. [9019/14]
View answer191. Deputy Pearse Doherty asked the Minister for Finance if he will provide an assessment of the differences in approach between the National Asset Management Agency and a potential commercial buyer of its Northern assets, in the context of the impact of differing approaches on Northern Ireland's economy. [9020/14]
View answer192. Deputy Pearse Doherty asked the Minister for Finance if he will provide an estimate of the number of jobs that are presently supported by the National Asset Management Agency in Northern Ireland. [9021/14]
View answerI propose to take Questions Nos. 190 to 192, inclusive, together.
It is important first of all to put NAMA in its proper context as far as the Northern Ireland property market and, by extension, the wider Northern Ireland economy is concerned. NAMA is by no means the dominant influence in the Northern Ireland property market and indeed in some sectors its exposure is very low. In the residential sector, for example, NAMA debtors and receivers control only 900 residential properties in Northern Ireland out of a total housing stock of 750,000. Whilst NAMA's exposure to the land and development sector is more substantial, it is by no means the dominant influence in this sector either.
Within this context, NAMA's approach in Northern Ireland, as in the Republic, has been to pursue a policy of engaging constructively with debtors and agreeing schedules which involve the phased and orderly disposal of assets in order to support market stability.
NAMA has also shown itself more than willing to make advances to debtors in Northern Ireland to enable the completion of commercially viable construction projects and has offered vendor finance to prospective purchasers of commercial property in the Northern Ireland property market. In this way, NAMA is providing important funding into the Northern Ireland economy.
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 in all jurisdictions, including Northern Ireland. As with the sale of any NAMA asset what a purchaser does with the asset following the sale is a commercial matter for them.
NAMA is directly supporting 2,000 jobs in Northern Ireland currently and further indirect employment through the participating institutions, service providers and across the professional services sector.
NAMA is making a positive impact in Northern Ireland through these and other initiatives, such as in the area of social housing.
