I propose to take Questions Nos. 90 and 91 together.
I have been advised by NAMA that the carrying value of its loan assets at 31 March as disclosed in the Q1, s.55 Report and Accounts is €27bn, including €8.7bn outstanding in respect the IBRC loan facility deed and floating charge. NAMA publishes the estimated market value of its loan assets and a breakdown of its portfolio by geography and sector on an annual basis as part of its annual report and accounts. The most recent market value of its loan assets and breakdown of its loan portfolio is provided in its Annual Report and Financial Statements for 2013, which was published in May, 2014 and is available on the NAMA website, www.nama.ie. The s.227 Review of NAMA to which the Deputy refers in his question was published on 16 July and is available on the Department of Finance website , www.finance.gov.ie.
As the Deputy will be aware my officials have recently completed their review of NAMA under Section 227 of the NAMA Act. The review concluded that NAMA had made significant progress to date and is well positioned to achieve its objectives and so continues to be necessary.
The Strategy which NAMA adopts in pursuing its objectives is primarily a matter for the NAMA Board however in the context of the NAMA Review, the Department, in consultation with the Board and Management of NAMA, also considered various strategic alternatives that may or may not facilitate NAMA achieving and ideally surpassing its objectives. Following this consideration the NAMA board has committed:
- To redeem a minimum of 80% of its senior debt by the end of 2016, a full two years ahead of schedule, and to accelerate redemptions beyond that target if possible;
- To ensure the timely and coherent delivery of key Grade A office space, retail and residential space within the Dublin Docklands strategic development zone and Dublin's Central Business District; and
- To maximize the delivery of residential housing units in areas of most need.
This being the case I have not issued a direction order to NAMA.
The NAMA Section 227 Review is available in the Oireachtas Library and on the Department of Finance website.