Thursday, 8 October 2015
Department of Finance
63. To ask the Minister for Finance if he will provide. in tabular form per property and development, the amount the National Asset Management Agency has spent on bringing properties, built during the boom, up to correct standards; and if he will make a statement on the matter. [35019/15]
I am advised by NAMA that it has incurred approximately €100m in funding costs to its debtors and receivers in remediating building defects in houses and apartments securing its loans, such as non-compliance with regulatory standards, particularly fire safety standards. The scale of non-compliance encountered by NAMA is evident from the fact that it has had to advance funding to remediate building defects in respect of 40 individual developments, mainly apartment developments in the Dublin area. The cost of remediating developments has ranged in individual cases from €1m to €30m.
NAMA is precluded from providing a breakout of this funding by individual development as to do so would breach Section 99 of the NAMA Act which prohibits the release of information to any third party which would have the effect of identifying a NAMA debtor or disclosing details relating to NAMA's financial dealings with its debtors. I am advised that where remediation work has been carried out with funding provided by NAMA it has been to the full satisfaction of the appropriate regulatory authority. Where NAMA provides funding, it does so on the basis that it will be returned in full in line with the Agency's commercial obligations.