Richard Boyd Barrett
Question:440. Deputy Richard Boyd Barrett asked the Minister for Finance the amount NAMA has paid out to date for repair and maintenance of properties in its portfolio. [41179/21]
View answerTuesday, 27 July 2021
Questions (440)
Written answers
NAMA’s statutory mandate per section 10 of the NAMA Act 2009 is to achieve the best commercial return from its acquired loans. In that context, NAMA judiciously advances funding to its debtors and receivers in order to optimise the disposal value of secured properties. Such funding is provided on a commercial basis and repaid to NAMA when the properties (or loans) are sold.
NAMA identified a number of existing properties in its secured portfolio that did not meet relevant fire regulations and building standards. Accordingly, the Agency provided funding for essential expenditure such as fire safety works and other necessary health and safety works to ensure that properties were compliant with current building regulations and health and safety requirements. Additionally, NAMA provided funding for remediation works to unfinished or defective housing in order to bring the properties to a habitable standard. Some of these remediated units were subsequently delivered by NAMA for social housing.
I am advised that from inception to end-June 2021, NAMA has provided funding of approximately €131m for remediation works to existing residential and commercial properties securing its loans, with a further €50m potentially required. Further information is included in NAMA’s 2020 Annual Report which is available on the Agency’s website: www.nama.ie.