Paul Murphy (Dublin South West, Anti-Austerity Alliance)
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48. To ask the Minister for Finance his views on block sales of NAMA rented residential properties being advertised (details supplied) for sale on the basis of the potential for very large rent increases, in view of the scale of the housing crisis and the likelihood rent increases on this scale could effectively lead to mass evictions of tenants; and if he will make a statement on the matter. [34040/16]

Michael Noonan (Limerick City, Fine Gael)
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NAMA does not own, manage or sell properties.  The Agency's role is, like a bank, that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners. 

The property referred to in the newspaper article referenced by the Deputy is under the management of a Statutory Receiver.  The Receiver is managing the sale of the property in accordance with NAMA's guidelines on open marketing and his own statutory and fiduciary obligations to maximise the sales price achieved for the property.  The Statutory Receiver appointed the sales agent and, in conjunction with the sales agent, determined the marketing strategy for the property.  It is standard market practice for a seller to include information on current and future potential rental levels. 

In its capacity as a secured lender, it is NAMA's policy that, where possible, borrowers and receivers should avoid seeking vacant possession of residential property in advance of asset sales in order to minimise disruption to people living in these homes.  Tenants of such properties continue to have the benefit of existing lease terms and of the statutory protections in place in the residential rental market. 

Ultimately, decisions about the timing and strategy of any sale are a matter for the NAMA Board in accordance with its statutory independent commercial mandate. 

In terms of the wider market issues raised by the Deputy, I would point out that NAMA is making, on a commercial basis, a very substantial contribution to the increased supply of new homes through its residential delivery programme.  As the Deputy will be aware, NAMA has outlined that a key commercial objective is to facilitate the funding of 20,000 new residential units, mainly in the greater Dublin area, by the end of 2020 and it is making substantial progress towards achieving this target. NAMA has also delivered 2,300 residential units for social housing purposes to local authorities and Approved Housing Bodies thereby making a significant contribution.