Written answers

Thursday, 17 January 2013

Photo of Peadar TóibínPeadar Tóibín (Meath West, Sinn Fein)
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To ask the Minister for Finance the strategy of the National Asset Management Agency in attracting third party investment to participate on a risk basis in the development of property under the auspices of NAMA. [1783/13]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I am advised by NAMA that it utilises a number of asset management strategies to monetise its portfolio, including the sale of individual assets or portfolios of assets and loans sale. A key element in NAMA’s strategic planning also is recognition of the need to invest to preserve and enhance the value of its assets in line with anticipated as well as current demand conditions. NAMA advises that, in this context, it considers a range of project financing and delivery mechanisms, including joint venture arrangements where these make commercial sense. In particular, where NAMA acquires properties directly onto its balance sheet, its preference would be to form joint ventures with suitable partners who, along with NAMA, can introduce upfront equity and who, in turn, can avail of third party or NAMA debt financing. NAMA will consider joint venture development arrangements with suitable counter-parties on commercial terms that mitigate development and commercial risk for NAMA and optimise the financial returns for the taxpayer.

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