Tuesday, 21 May 2019

Questions (146)

Eoin Ó Broin

Question:

146. Deputy Eoin Ó Broin asked the Minister for Finance his views on the proposed sale by NAMA of the National Asset Residential Property Services DAC, NARPS, special purpose vehicle and the impact of a sale on the long-term security of tenure for the tenants of the 1,230 properties held by same. [21418/19]

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Written answers (Question to Finance)

National Asset Residential Property Services DAC (NARPS) is NAMA’s social housing special purpose vehicle (SPV) which has provided over 1,300 new units for social housing. NARPS operates by purchasing suitable properties for social housing from NAMA debtors and borrowers and then leasing onwards these properties to Local Authorities and Approved Housing Bodies, who then forward lease them on to individuals on social housing lists to occupy.

Any suggestion that NARPS or its underlying units are now being sold by NAMA is incorrect. There is no sales process underway or planned for a sale of the vehicle at this time.

NAMA is now approaching the wind down phase of its operations, and active consideration of its end-of-life strategy is underway. These considerations will be examined as part of my forthcoming Section 227 Review of NAMA. This review is required every 5 years under the NAMA Act to assess the extent to which NAMA has made progress towards achieving its overall objectives and to decide whether the continuation of the agency is necessary.

The Government is acutely aware of the pressing need for social housing in the State and any decision in respect of NARPS will be made with this in mind. Officials in my Department are in discussions with NAMA as how to best utilise NARPS to protect is social housing mandate post-2021 and I will make a final decision on how to best achieve this goal as part of the Section 227 Review process.