Dáil Éireann Debate, Tuesday - 25 September 2018
134. Deputy John Curran asked the Minister for Finance if all the properties leased for social housing by NAMA's national asset residential property service are deemed to be off-balance sheet; the additional number of social housing units it is hoped to provide by this approach over the next three years; and if he will make a statement on the matter. [38882/18]
Amharc ar fhreagraNational Asset Residential Property Services (NARPS) was established in 2012 as a special purpose vehicle in order to expedite the delivery, for social housing, of residential properties from the portfolio of assets controlled by NAMA debtors and receivers. NARPS purchases properties directly from NAMA debtors and receivers at market value and then onward leases these properties to local authorities and approved housing bodies on long term (20 year 9 months) leases, which include an option for the local authorities or approved housing bodies to purchase the units at market value during the latter part of the lease term. NARPS is a NAMA Group company and, as with other NAMA activities, its activities are considered to be off-balance sheet as far as Government accounting is concerned.
The NARPS portfolio is restricted to properties purchased from NAMA’s debtors and receivers. Given that NAMA is now well advanced on its deleveraging programme, there is limited scope for the portfolio to expand further over the next three years. From its establishment to date, NARPS has delivered 1,372 properties for lease, or which are contracted for lease, to local authorities and approved housing bodies.
