The Chairman of the National Asset Management Agency has said it hopes to kickstart the property market by providing loan finance to people and companies to buy residential and commercial property.
Frank Daly said he hoped to provide the finance through the banks for purchasers of residential property and through sovereign and private investment funds for commercial property.
Mr Daly was speaking in Cork where he was addressing a business briefing hosted by Cork Chamber of Commerce and the Irish Examiner newspaper.
He revealed that NAMA had already had preliminary talks with both AIB and Bank of Ireland and said he was hopeful of announcing measures in the autumn to help borrowers to buy residential properties linked to NAMA.
He said the talks would continue with the two main banks over the coming weeks.
Mr Daly also said NAMA is seeing ‘tentative evidence’ that the fall in commercial property prices - which have dropped by 60% over the past three and a half years - may be close to bottoming out.
