Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I am advised that the formal response to the UN joint communication relating to housing will be delivered by the Tánaiste in early May and that input for this response is currently being gathered, including in my Department.

In the context of the UN communication relating to NAMA, I wish to clarify a number of points.  First, I am advised that the reference to a figure of 93% in the letter refers to loan sales only and does not include sales of property assets securing NAMA’s loans. To date, in excess of two thirds of NAMA disposals have been sales of property assets or refinancing arrangements. Therefore, loan sales relate to less than one third of NAMA disposals. As regards the purchaser profile of Irish properties sold by NAMA debtors and receivers, I am advised that almost 70% of the purchasers were Irish.

Second, the sale of loans by NAMA does not result in a change in the ownership of the underlying properties. This means that the purchaser of the loans does not become a property owner or a landlord; rather, that individual or entity becomes a secured creditor. The registered owner, be they Irish or foreign, retains ownership of the secured property.

Third, foreign assets have accounted for approximately 45% of the assets included as collateral for loan sales undertaken by NAMA. Thus, it is incorrect to infer that loans purchased by foreign investors are secured by Irish assets only. I can assure the Deputy all those points will be made to the UN.

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