Gerry Adams (Louth, Sinn Fein)
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261. To ask the Minister for Finance the properties the National Asset Management Agency currently owns in Counties Louth and Meath; the number of these properties that may be suitable for the provision of social housing; and if he will make a statement on the matter. [13461/16]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will be aware that NAMA does not own residential property. Rather NAMA has acquired loans and its role is that of a lender with claims over security for its loans, like a bank, rather than a property owner or lessor. In that capacity, NAMA holds security over properties that are owned by its debtors or, in the case of enforcement, which are managed on behalf of those debtors by duly appointed insolvency practitioners.

I am advised that there are approximately 6,000 completed residential properties over which NAMA holds security in relation to its loan portfolio. 99% of these properties are occupied. The other 1% is frictional vacancy due to tenants relocating as leases roll over and expire.

I would refer the Deputy to the information provided in my response to Parliamentary Question 115, of 24th May 2016, which outlines the extent of NAMA's involvement in residential properties in County Louth.

Separately, in relation to County Meath, NAMA has an exposure to approximately 60 residential properties through its loans, comprising 35 apartments, 32 of which are currently occupied, and 27 houses, 23 of which are occupied. I am advised that similar to County Louth, the unoccupied units represent frictional vacancies as properties are in process of being sold or tenanted.

NAMA has consistently been mindful of commercially attractive opportunities in the social housing sector and has innovated to combine its commercial priorities with due consideration of ancillary social contributions. In this regard, I am advised that NAMA has offered 6,635 residential units, which were potentially suitable for social housing, to Local Authorities.

I am advised that, as of end March 2016, 30 such units were offered in Louth and 235 in Meath. Demand was confirmed for 27 units in Louth, all of which have been delivered, and there was no demand confirmed for the remaining 3 units. Of the 235 units offered Meath, demand was confirmed for 63 units, 38 of which have been delivered and 25 of which are being readied for delivery. I understand that there was no demand confirmed for 60 units, and a further 28 units were not accepted as they would have led to an over concentration of social housing. I am further advised that the remaining 84 units offered, by NAMA, in Meath were either sold or rented in the private market over the course of their consideration for social housing.

Determining the take up and suitability of offered properties for social housing purposes rests with the Local Authorities, the Housing Agency and the Approved Housing Bodies. Where demand is confirmed for a property, NAMA makes whatever funding is needed, more than €100 million to date, to ensure that previously unfinished properties are completed and comply fully with all building standards.

While there are no further units currently on offer for social housing in Louth and Meath, I understand that NAMA is currently re-examining the entirely of its remaining portfolio to identify if any additional units may be available to offer to local authorities nationwide.

There is extensive information on this initiative on NAMA's website via:.