I propose to take Questions Nos. 216 to 219, inclusive, together.
The National Asset Management Agency (NAMA) announced on 23rd May that it plans to invest, given the right opportunities, at least €2 billion in development capital in order to preserve, enhance and complete commercial and residential projects in Ireland over the period to 2016. NAMA stated at the time that this includes the completion of properties which are currently under development and the development of land in anticipation of future supply shortages and demand.
Prior to the announcement NAMA had already committed over €500 million in new working capital and development capital advances for projects which are located in Ireland. NAMA advises that the €2 billion investment announced in May is in addition to this prior investment.
The €2 billion investment forms part of NAMA’s wider operations and is accounted for in the normal manner. The advances and drawdowns by region are set out hereunder from inception to end-September 2012; this figure includes the February 2012 amounts quoted by the Deputy.
New Advance Approvals of €1.5 billion are split between:
Approved Credit Advances by Area
|
% Total
|
ROI
|
41%
|
GB
|
51%
|
NI
|
1%
|
Other
|
7%
|
Actual drawdown payments of €927 million are split between:
Actual Drawdown Payments by Area
|
% Total
|
ROI
|
46%
|
GB
|
46%
|
NI
|
1%
|
Other
|
7%
|
NAMA’s Annual Report and Financial Statements for the period to end-December 2011 contains extensive information on its working capital and development capital advances, including the structures and mechanisms in place to ensure the delivery of projects in line with proven and anticipated market demand and NAMA’s commercial mandate to maximise the return on its acquired bank assets on behalf of the Irish taxpayer. In this regard, NAMA advises that it is currently assessing a wide range of projects that may be suitable for development by reference to projected demand. Decisions to invest will be based on those projects which are considered most likely to generate a strong commercial return to the taxpayer. NAMA advises that as project appraisal is still on-going it is not possible to provide the schedule sought by the Deputy. NAMA advises that it engages, as appropriate, with public bodies, including government departments, state agencies such as the IDA and local authorities, in both the identification and delivery of critical infrastructure development planning linked to this and other investment activities.