Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank the Deputy for raising the issue in relation to NAMA, which has been ongoing for a number of years. NAMA was given a difficult job to do when it was established as an independent commercial body with a very specific legal and commercial mandate, which was approved not just by the Dáil and the Seanad, but specifically by the European Commission, in 2010. It is following its legislative mandate, as established by this House, the Dáil and the European Commission.

NAMA has, to date, made considerable progress toward the achievement of its objectives. Subject to its commercial mandate, but often complementing it, NAMA continues to seek to make a positive social and economic contribution to the State across its remaining activities. In line with this, a key part of NAMA's remaining mandate will be to continue to make a significant contribution to the supply of housing within the State where it is in a position to do so.

NAMA has already made a significant contribution to social housing, including establishing a special vehicle, National Asset Residential Property Services, NARPS, to expedite delivery. NARPS has leased 1,370 units to local authorities and approved housing bodies, AHBs. In total, to date, NAMA has delivered over 2,640 homes for social housing. These figures exclude social housing delivered on NAMA-funded residential developments in compliance with Part V planning obligations. NAMA has directly facilitated the delivery of 13,000 residential units on secured sites and a further 8,900 units have been built on sites which benefitted from NAMA funding but which were subsequently sold by current and former NAMA debtors and receivers. NAMA has also played a key role in the resolution of unfinished housing estates within the State. While NAMA is delivering houses directly, it is also leasing them to local authorities and AHBs. Houses are also being delivered through the Part V planning process. NAMA has directly facilitated the delivery of 13,000 residential units and 8,900 units have been built on sites which NAMA helped to co-fund. I wish to point out that there has recently been some uninformed commentary on the amount of residential units that NAMA can, and has, delivered. It is important, in that context, to set out the factual situation, which I have set out briefly. On this basis, NAMA expects to deliver a further 2,000 units from its secured portfolio.

In addition to that, NAMA has a broader role in relation to other social aspects of Irish life, including employment, which is very important. In terms of its contribution to urban regeneration, NAMA has been critical in driving and supporting the delivery of new grade A office space in the Dublin Docklands area strategic development zone, SDZ. This development has had the supplementary benefit of encouraging foreign direct investment and bringing much-needed employment to the area. When fully complete, the sites in which NAMA originally had an interest will provide 4.2 million sq. ft of commercial space and over 2,000 residential units. It was directly involved in that area. It is not just working on delivering housing, but on bringing employment into key areas, as part of urban renewal and regeneration.

An important part of NAMA's work is to facilitate the sale of properties for social purposes. NAMA has worked closely with Government Departments, State agencies and local authorities. We all know that a number of years ago, NAMA offered many properties to local authorities around the country. Many local authorities felt that they were not suitable for their purposes. I suspect that if they were offered those properties today, they might take a different view. The properties offered were not always taken up by the local authorities. NAMA has delivered a number of properties to State bodies across Ireland for a variety of purposes, including 25 sites for schools and other education facilities; 18 sites for public amenities, such as parks, sports clubs, community centres and historic sites; 15 sites for essential transport and infrastructure projects, such as roads, flood defences and water treatment; ten sites for urban regeneration and housing projects; six sites for civic offices, Garda stations or healthcare facilities; and various sites for Industrial Development Authority, IDA, projects. Therefore, it has been very active within its commercial mandate, helping so many sectors of the economy and delivering housing.