Dáil Éireann Debate, Tuesday - 16 January 2018
182. Deputy Noel Grealish asked the Minister for Finance the reason properties and land in the National Asset Management Agency, NAMA, portfolio are listed by NAMA as not for sale; the number of properties or land which are for sale and not for sale respectively; and if he will make a statement on the matter. [54339/17]
Amharc ar fhreagraThe Deputy will be aware that NAMA does not own property. Instead NAMA acquired loans and its role is as a secured lender. The property itself continues to be owned and managed by the property owner, or receiver where one has been appointed. Sections 99 and 202 of the NAMA Act 2009 preclude NAMA from disclosing information relating to NAMA debtors, their finances and their property. As such, NAMA cannot publish information relating to debtor-managed properties and the NAMA website therefore does not include information relating to such properties. The Deputy will be aware that sales of NAMA-secured properties are conducted according to NAMA’s open marketing guidelines, with the property owner or receiver, not NAMA, managing the sales process.
With regard to receiver-managed properties, because certain information relating to the receivership is publicly available, this allows NAMA to publish details of these properties on the NAMA website. The information available includes the location of the particular property and contact information for the receiver’s office. Where a property is for sale, contact information for the sales agent is also included.
Currently there are 428 entries on the NAMA website of receiver-managed assets in Ireland which are not yet for sale but which are likely to be offered for sale in the future. In addition, there are 112 entries which relate to receiver-managed assets which are currently for sale. I am advised that each entry may consist of multiple properties. If a NAMA-secured property is not for sale, this is due to the strategy adopted by the receiver or property owner in order to maximise the return for the asset and also to ensure that NAMA obtains the best achievable financial return for the State, as required under Section 10 of the NAMA Act.
The most recent details for NAMA's remaining portfolio are available in the Agency's quarterly section 55 accounts for Q2 of 2017. This report is publicly available under the Publications section of the NAMA website and outlines that the carrying value of NAMA’s loan portfolio at 30 June 2017, net of cumulative impairment, was €3.7 billion. I am advised that the intention of the Agency is to continue the deleveraging of the remaining portfolio, but am advised that this loan portfolio will require intensive management in order to ensure that the underlying value is realised and that NAMA’s advised projected terminal surplus of €3bn can be secured subject to current market conditions prevailing.
