Dáil Éireann Debate, Wednesday - 4 May 2022
143. Deputy Róisín Shortall asked the Minister for Finance the reason that NAMA sold off 54 apartments in Finglas, Dublin 11, to an investment fund instead of, for example selling them as affordable housing for first time buyers (details supplied); if the money recouped by NAMA will go towards the provision of affordable housing in the area; and if he will make a statement on the matter. [21981/22]
View answerAs Minister for Finance, I have no role in respect of NAMA’s commercial operations.
The Deputy will be aware that NAMA does not directly own or sell properties. I am advised that in the case of the property referenced by the Deputy, the appointed receiver was responsible for the management and sale of the property. I am advised that before the receiver placed the apartments on the open market, NAMA checked and confirmed that Dublin City Council (DCC) had no interest in acquiring them.
Neither NAMA, nor the appointed receiver have a role in the provision of affordable housing. NAMA’s statutory obligation, under section 10 of the NAMA Act, is to obtain the best achievable financial return for the State, in the interests of the taxpayer. When selling assets on behalf of debtors, an appointed receiver also has a legal duty to the relevant debtor to maximise the return for assets under their control and must apply the funds recouped from the sale to pay down that debtors debt.
NAMA is limited to funding the development of housing on secured sites through working with its debtors and receivers, subject to commercial viability. To date, NAMA has funded and facilitated the delivery of almost 24,000 residential units.
Under its legislation, NAMA cannot choose to invest recouped monies into the provision social and affordable housing and NAMA does not have a remit to deliver affordable housing. Notwithstanding this, I am advised that NAMA has delivered 2,687 properties to local authorities and approved housing bodies for social housing to date. This is supplementary to the regulatory 10% Part V delivery of social housing on NAMA-funded residential developments.
In addition, NAMA has to date returned €3 billion cash in surplus payments to the Exchequer during 2020 and 2021 and further €400 million paid in tax. As at end-2021 NAMA intends to return a lifetime surplus of €4.25 billion, excluding tax paid, and while this money goes into the Exchequer, I can advise the Deputy, although I am sure she is aware, that it will be used for current and capital expenditure including housing.
