NAMA transparency and housing
Deputy Collins sought more information on NAMA's land holdings, portfolios and sales, arguing its assets and reserves could help deliver more affordable homes. The Taoiseach welcomed a debate, clarified some claims about the Finglas properties, and said NAMA's taxpayer role must be balanced with housing needs.
Yesterday, Deputy Richard Boyd Barrett raised with the Taoiseach some very serious questions in regard to the role of the National Asset Management Agency, NAMA, but his reply, as usual, did not deal with the issues raised. I will try to make the matter very simple.
Will the Taoiseach's Government, through the Minister responsible, instruct NAMA to provide the following: a map and details of land it currently holds, the locations, the size, the planning permissions and a commercial viability analysis; a list of property portfolios, especially vacant units; information on who NAMA is selling to and for how much; and information on whether NAMA receivers are evicting tenants? This information is crucial if we are to have an informed debate on NAMA, the role it is currently playing and on why is a State agency selling new houses it is building at prices at the top of the market. It is selling two- and three-bedroom apartments in Dublin for prices starting at €525,000. It is pushing for the maximum prices, thus fuelling rising house prices. Why is it not being used to solve the housing and rental crises?
Comment on this
I welcome the fact the Deputy has raised this issue because I checked the issue raised in the House yesterday by Deputy Boyd Barrett. The narrative I have received is somewhat different from that presented yesterday. For example, during Leaders' Questions, I think Deputy Boyd Barrett made reference to the article in the Business Post on properties located in Finglas, several of which were reported to have been vacant. NAMA does not own the apartments in question, rather it acquired the debtor's loans which were secured by various apartments located in a larger development in Finglas. The apartments were controlled by a receiver who was appointed in December 2012. While the apartments had been completed prior to NAMA acquiring the loans, the receiver discovered after his appointment that the apartments were not fully compliant with relevant health and safety requirements and needed necessary remediation works, which were funded by NAMA. NAMA provided in excess of €10 million in funding to the receiver in order to remediate the apartments. This remediation commenced in 2017. Some 26 of the apartments which were remediated first were left vacant in order to temporarily house tenants who had to vacate other apartments in the wider development while the remediation works were being carried out on the units they occupied. That is much different from what was presented yesterday. This is standard practice and ensures tenants are appropriately accommodated in the same location while works are under way on their homes. These remediation works were not fully completed until 2020. At this point, unexpected delays were encountered due to the pandemic and the need to resolve complex legal issues, inter alia, with Dublin City Council, which were not resolved until June of this year. These issues impeded the receiver's ability to lease or sell the apartments sooner. As a result the apartments were not leased prior to being placed on the open market by the receiver this June. Before placing the units on the market, NAMA confirmed with Dublin City Council that it had no appetite to acquire the units. While NAMA does not own residential properties, it ensures its debtors and receivers keep vacant periods in residential properties to a minimum. The presentation of this yesterday differs significantly from the facts there.
There is a wider issue with respect to NAMA's overall role and the legislation that underpinned the creation of the agency was fundamentally different from that in terms of the housing situation and the situation we are currently in. NAMA has on previous occasions offered blocks of housing and apartments to local authorities. Some have been taken up and some have not been. There is an ongoing issue, which we will keep under review, with how NAMA evolves in the coming while and the contribution it can make to helping with the provision of more housing and resolving the housing crisis.
Comment on this
I thank the Taoiseach. What I know is that NAMA has €1.2 billion in funding reserves and 577 ha of residential development land, and that is a headline figure. That landholding and those cash reserves are capable of delivering up to 80,000 affordable and cost-rental homes. We know NAMA has been selling apartments for up to €500,000 and more. I put it to the Taoiseach and his Government that we must have a proper discussion and debate around NAMA and its role. We need that information and we need a map with details on the land the agency currently holds, which is what I asked the Taoiseach for. We need a list of property portfolios, especially vacant units. We must know who NAMA is selling properties to and for how much, and whether NAMA receivers are evicting tenants. That is going to be crucial to a conversation all of us in the House would benefit from having. We must have a proper debate around NAMA and its role.
Comment on this
I have no issue with the Deputy's point that we could do with a debate. I have no issue with a debate on NAMA's role. We are very clear the statutory underpinning of NAMA is one that must also be respected. NAMA represents the taxpayers and has an obligation to get value for them. That must be balanced with the current housing situation and our issues around housing. The Housing for All strategy provides an unprecedented level of Government funding for the provision of social houses. We have a target of building 9,000 this year. There is affordable housing and so forth. I would welcome and facilitate a debate on NAMA and its role. I do not see any reason NAMA cannot provide transparent information on its property portfolio, such as maps and so on, to the public and the House.