The chairman of the National Asset Management Agency says it is looking at ways of providing finance for commercial and residential property deals as part of an effort to restart the Irish property market.
Frank Daly was speaking at the launch of the Society of Chartered Surveyors Ireland - a body formed through a merger of the Society of Chartered Surveyors and the Irish Auctioneers and Valuers Institute.
Mr Daly said NAMA believed it was part of its brief to generate activity in the property market. NAMA is concerned that there may be people who are prepared to do property deals, but cannot secure loans from banks.
He added that many of those selling property still had unreasonable expectations of the prices they could achieve. Mr Daly said the only way the market could come out of its four-year slump was by generating deals 'at whatever prices buyers were currently willing to pay'.
He predicted that there would be more deals like Google's purchase of the Montevetro building in Dublin over the coming months, saying the agency had seen 'enormous interest' from foreign buyers in some properties coming up for sale.
Mr Daly called for a removal of the uncertainty over legislation on upward-only rent reviews. He said a retrospective ban on existing contracts with upward-only clauses could lead to legal action, which would in turn prolong the current state of inactivity in the market.
Mr Daly warned that the agency would be taking further action 'shortly' against some of the 30 largest developers whose debts have been acquired by the agency. He said the action was likely to be taken against those whose business plans were not viable or who were attempting to prolong the process without dealing with the issues.
The meeting also heard that NAMA has set a deadline of the end of April for the submission of business plans by the second tier of debtors - around 145 people, accounting for €34 billion of debts.
The NAMA chairman also told members of the new body he was addressing that their two organisations could have been more vigilant during the property bubble, and should have signalled some concern that the situation was unsustainable.