The chairman of the National Asset Management Agency has said that the market for property in Northern Ireland is depressed, and that in most sectors values are below replacement costs.
Speaking this lunchtime to the Northern Ireland Chamber of Commerce in Belfast, NAMA chairman Frank Daly said though that this will change as the market recovers.
Mr Daly said the agency is substantial and influential in the Northern Irish property market, but "by no means dominant".
Since NAMA was set up four years ago its debtors have sold €125m (£106m) of property in Northern Ireland.
Frank Daly said that in the residential sector NAMA's debtors and receivers control 900 residential properties in Northern Ireland, out of a total housing stock of over 750,000.
He said the agency's exposure to the land and development sector is more substantial, but pointed out that it is "by no means the largest player in this sector either".
Mr Daly said the agency has invested €167m (£141m) in a number of commercially viable Northern Irish projects, including €18m (£15m) to finance the completion of two offices at Lanyon Place in the centre of Belfast, and €10.5m (£9m) to fund a 95-unit housing development in Millmount, Dundonald.
Mr Daly said NAMA's rationale is to invest where it is confident it can get investment back "and more besides".