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National Asset Management Agency

Dáil Éireann Debate, Wednesday - 13 June 2012

Wednesday, 13 June 2012

Ceisteanna (66)

Pearse Doherty

Ceist:

60 Deputy Pearse Doherty asked the Minister for Finance if the National Asset Management Agency provides or has provided financing to purchasers other than staple financing for commercial property and the deferred payment initiative for residential property. [28480/12]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Minister for Finance)

I am advised by NAMA that it does not and has not provided financing other than staple financing for the purchase of commercial property under the control of its debtors and receivers. Similarly, NAMA has advised that in the case of purchases of residential property controlled by its debtors and receivers the Agency does not and has not provided financing.

The Agency has recently introduced its 80:20 Deferred Payment Initiative, which has been launched on a pilot basis in respect of 115 houses in Counties Dublin, Kildare and Meath. Financing under the Deferred Payment Initiative is currently available from one of Bank of Ireland, AIB through its mortgage subsidiary EBS, and Permanent TSB with normal lending terms applying. It should be noted that this is not mortgage financing by NAMA as the source of the financing on that Initiative rests with the banks. NAMA is, in certain circumstances, willing to fund the purchase of commercial property under the control of its debtors and receivers through staple financing. Applied to the right product and right purchaser, staple financing provides, I am advised by NAMA, an opportunity to bring more buyers, including international buyers, into the Irish commercial property market.

I am advised by NAMA that it would not rule out in individual circumstances arrangements that include an element of deferred payment in respect of residential property transactions controlled by its debtors and receivers. NAMA have advised that they will look at other requests for financing on a case by case basis.

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