Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

279. To ask the Minister for Finance the current status of the National Asset Management Agency's development funding; the amount the agency has at its disposal for the remainder of its existence; the amount of the funding it intends to invest in 2015; the amount that has been invested to date by year; and if he will make a statement on the matter. [18306/15]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am advised by NAMA that it has advanced Irish development cash funding of more than €1 billion to date: €137m in 2010; €144m in 2011; €117m in 2012; €159m in 2013; €485m in 2014; and €46m to date in 2015.

NAMA's current funding activities are focused in particular on meeting current and prospective shortages in the Dublin office and residential sectors.  In this respect, NAMA is actively delivering on its commitment to facilitate the construction of 4,500 new residential properties in the Dublin area in the three years to end 2016 and on the timely delivery of key Grade A office, retail and residential space in the Dublin Docklands Strategic Development Zone (SDZ) and wider central business district. 

In terms of annual projections of funding, the Deputy will appreciate that the timing of funding drawdowns is predicated on a wide-range of factors, including the achievement of appropriate planning, the resolution of infrastructure and other barriers to project commencement, and the achievement of agreed commercial milestones, including pre-sales and pre-lets.  For this reason, it is not possible to project how much development funding will be drawn by debtors and receivers in any given year.  NAMA has indicated however that, if required, it could advance a further €3 billion over the remainder of its life to support the delivery of Grade A office space and residential development in Dublin and in other key urban centres in which debtor and receiver properties are located.  However, NAMA is open to join venture and partnership arrangements which could involve other parties meeting at least some of that funding requirement. 

I am advised by NAMA that detailed information on its development funding activities will be included in its Annual Report and Financial Statements for 2014 which are scheduled for publication at the end of May.