Bernard Durkan (Kildare North, Fine Gael)
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Question 56: To ask the Minister for Finance the extent the disposal of distressed properties controlled by National Asset Management Agency have been acquired by first time buyers or investors; and if he will make a statement on the matter. [24370/11]

Michael Noonan (Limerick City, Fine Gael)
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NAMA approves the sale of assets by debtors or by receivers acting on its behalf. Given that the bulk of sale approvals to date, by value, have been commercial properties and that a large proportion of these have been located in the UK, the purchasers are likely to have been commercial investors. In the case of sales approvals for residential houses or apartments, NAMA informs me that it does not maintain information on the category of purchaser involved. The agency believes it likely that the majority of purchasers are owner-occupiers but whether they are first-time buyers or otherwise is unknown.

Under the National Asset Management Agency Act 2009, NAMA has a commercial mandate that requires the agency to secure the best price from its asset sales. However, it is also fully aware of its social objectives and, as regards housing, it has been endeavouring to identify the scope for dovetailing its activities with State policy. I understand that NAMA is in active discussion with the Minister for Housing and with his officials on this issue.