Oireachtas Joint and Select Committees

Wednesday, 22 April 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Frank Daly:

No, I don't have a breakdown of that. I think what ... the point we're making is that, in terms of our capacity to actually deploy capital, the overall figure is about €3 billion. We certainly believe that a very substantial portion of that will be needed to develop out the Dublin docklands SDZ. We also believe that a proportion of that will be needed to develop the housing that I have talked about. And those are two mandates that we have been given in recent times following the review of NAMA last year by the Minister for Finance. So ... but, there is no Dublin-centric approach to this. It is available elsewhere, but it has to be where there are NAMA assets located because we, you know, we're ... we can't ... we're not ... can't under the Act advance funding or get involved with non-NAMA debtors or assets or land or whatever that is not on our books.

The reality is that most of those assets, and I think Mr. McDonagh referred to them earlier, the remaining assets are in either the Dublin area or the Dublin conurbation, or in the other major centres, but I mean over the years, and I don't have the figures with me, but certainly they would have appeared in our annual report and I'm sure there'll be reference to them in our upcoming annual report, of areas where we have invested outside Dublin and indeed I didn't read it out in my statement, but if you look at page 12, where we talked about property transactions in Ireland that we have facilitated and that is certainly all of around Dublin, around Cork, around various places like that. The housing, in relation to input to social housing, input to the remediation of ghost estates, is all over the country. The investment in land and in development assets straddles everywhere, but it has to be where NAMA happens to have the assets and the reality is that most of those are in Dublin, Cork, Limerick and Galway, or around that area.

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