NAMA can help Dublin housing shortage - chairman Frank Daly

Wednesday 16 July 2014 15.05
NAMA is ahead of schedule in repaying its bonds, according to the Department of Finance review
NAMA is ahead of schedule in repaying its bonds, according to the Department of Finance review

The National Asset Management Agency has the sites, finance and expertise necessary to help get residential housing moving in Dublin, according to its chairman Frank Daly.

Speaking on RTÉ's News at One, Mr Daly said NAMA is emerging with a wider remit and will have a role in contributing to economic recovery.

This follows a review of the agency by the Department of Finance, which found that should be able to repay in full its debt to the State and possibly return a small surplus.

Mr Daly said that NAMA is taking advantage of an upturn in the Irish property market, after making some strong sales in the British market.

He said the Dublin Docklands was a very exciting prospect, where NAMA has about 15 hectares of sites against a backdrop of strong demand for good office space.

NAMA was willing to lend to developers who are in debt, he said, if they work with the agency to deliver results.

The departmental review has concluded that the agency is "well positioned to achieve its objectives".

This includes the repaying in full of more than €30bn used by the agency to acquire loans from bailed-out banks by 2020.

The report finds NAMA is ahead of schedule and anticipates being in a position to dispose of its assets more quickly than originally envisaged.

The agency is expected to have paid back more than 80% of its senior debt of €30.2bn by 2016, two years ahead of target.

As part of its review the NAMA and the department have committed to delivering Grade A office, retail and residential space in central Dublin, including the Docklands area. It has also pledged to work on residential housing developments where demand is strongest.