Oireachtas Joint and Select Committees

Thursday, 9 July 2015

Public Accounts Committee

National Asset Management Agency: Financial Statements 2014

9:30 am

Mr. Frank Daly:

There is also an overarching issue that is wider than Northern Ireland. We get rental income in other portfolios but our objective is to repay our debts. The only way we can possibly do that is by selling assets. Simply sitting on assets and taking the rental income would never reduce our debt or allow us to fund the construction of 4,500 homes by the end of next year and provide almost 2,000 houses for social housing purposes. We would not have been able to invest in the docklands if we had not generated income from asset disposals. Rental income would never be sufficient.