Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As the Deputy is aware, the National Asset Management Agency does not own or sell properties.  NAMA acquired loans and the properties that secure these loans are owned by the agency's debtors.  NAMA's legal relationship with these debtors is much the same as a bank's relationship with its mortgage holders where the bank holds a claim against the house as security for the mortgage. On 12 May 2016, NAMA's chairman advised the Committee on Housing and Homelessness that almost all of the 6,000 residential units owned by NAMA debtors are occupied by tenants.  I assume the Deputy's question does not refer to the use of compulsory purchase orders, CPOs, for tenanted units, as such action would displace existing tenants.  NAMA related residential units which are vacant are available for sale in the market by NAMA's debtors and receivers at market value.

Compulsory purchase orders allow a relevant statutory body to acquire an asset at market value from an otherwise unwilling seller. CPO powers are not necessary in the case of NAMA related residential units as such units are being sold willingly at market value and are, therefore, available to be purchased by local authorities or housing bodies.

CPOs allow a relevant statutory body to acquire an asset at market value from an otherwise unwilling seller. CPO powers are not necessary in the case of NAMA-related residential units, as such units are being sold willingly at market value and so are available to be purchased by local authorities or housing bodies.

Separately, NAMA has made a significant contribution towards social housing supply through its policy of providing first option to State bodies on the purchase of property. NAMA offered 6,637 residential units, the totality of NAMA's vacant housing stock at the time, to local authorities for social housing. Local authorities confirmed demand for 2,540 of these units, of which 2,042 have been provided for social housing at a cost to NAMA of more than €250 million. NAMA has no role in determining which of these units are taken up for social housing. That is a matter for the local authorities and housing bodies. I also understand that NAMA is currently re-examining its remaining portfolio to identify if any additional units may be available to offer to local authorities.

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