Mick Wallace (Wexford, Independent)
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45. To ask the Minister for Finance the freedom of information procedures that operate within NAMA; the process followed from receiving a request to publication; if the procedures adhere fully to the Freedom of Information Act 2014; and if he will make a statement on the matter. [31471/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Deputy will be aware that NAMA was one of a number of additional agencies designated as Freedom of Information bodies, when the Freedom of Information Act 2014 ("FOI" Act") was enacted on October 14, 2014. As set out in the FOI Act, NAMA became subject to the legislation on April 14, 2015.

I am advised by NAMA that the Agency complies fully with its obligations under the FOI Act. Freedom of Information requests received by NAMA are dealt with in accordance with the provisions of the FOI Act and the process is supported by guidance provided by the Department of Public Expenditure and Reform FOI Central Policy Unit. 

I am advised that the standard process followed by NAMA as set out in the FOI Act, and as per the guidance notes issued by the Department of Public Expenditure and Reform, outlines that where a request is received, it is acknowledged within two weeks. A response to the request is issued within the statutory deadline of four weeks. In certain circumstances, an FOI body may extend the decision period by a further four weeks. In these instances, the requester is advised of the extension, as set out in the FOI Act.

Following receipt of a valid request, the records which fall under the scope of the request are collated and reviewed. Where a record contains information that falls to be withheld under the exemptions provided for in the Act, this information is not released.

Where a person is dissatisfied with the decision on a request, they have the right to seek an internal review of the decision by a more senior member of staff. This involves a fresh examination of the records which fall under the scope of the request and the internal reviewer has the authority to affirm or amend the original decision.

In addition, where a person is dissatisfied with the result of the internal review, they have the right under the Act to apply to the Office of the Information Commissioner to seek an external review.

As outlined above, I am advised that NAMA is complying fully with its obligations under the FOI Act and that the procedures that NAMA has adopted in processing and dealing with FOI requests are in compliance with the FOI Act and the guidelines produced by the Department of Public Expenditure and Reform.

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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46. To ask the Minister for Finance if he will consider a change to the remit of NAMA in view of the ongoing lack of supply in the housing market and the housing and homelessness crisis; and if he will make a statement on the matter. [31475/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I do not propose to change NAMA’s mandate andI am satisfied that NAMA continues to make a significant contribution to housing provision, where such provision is compatible with NAMA’s overriding commercial objectives in line with the NAMA Act.  It is important to recognise from the outset that NAMA does not own property, rather, NAMA owns loans secured by property which is owned by its debtors.  More specifically, NAMA, as a lender, cannot force a borrower to take action which would reduce his/her repayment capacity, such as providing a property for social or private housing where that is not the financially optimal course of action for the debtor.  To do so would compromise a borrower's capacity to repay his or her debts to NAMA and would constitute a direct breach of the borrower's property rights, protected under Article 43 of the Constitution.  I am advised that directing NAMA to act counter to these obligations is not one lawfully open to me in all the current circumstances.

This being the case, Local Authorities are not precluded from purchasing or leasing properties for social purposes, including properties owned by NAMA debtors.  In fact, NAMA has an established policy of identifying to Local Authorities, properties which may be suitable for their purposes. Through this initiative, NAMA has facilitated the sale or lease by its debtors and receivers of properties on commercial terms, to public bodies for a wide-range of purposes, including social housing; schools; healthcare facilities; and urban economic, environmental and cultural regeneration.  All such transactions are executed at market value.

NAMA has also established National Asset Residential Property Services (“NARPS”) as an innovative model to expedite social housing delivery.  NARPS purchases properties directly from NAMA debtors and receivers, at market value.  NARPS then onward leases these properties to local authorities and approved housing bodies on long term (20 year 9 months) leases, which include an option for the local authorities or approved housing bodies to purchase the unit at market value towards the end of the lease term.  NARPS has been in operation since 2013 and has purchased over 1,300 units from NAMA debtors and receivers, all of which have been leased for social housing.  The establishment of NARPS has ensured the transfer of fully-furnished and compliant properties for immediate occupation by social housing tenants in a timely manner while also remaining faithful to NAMA’s commercial mandate.

NAMA is also seeking to facilitate the delivery of 20,000 homes over the period from 2016 to 2020, subject to commercial viability.  Since 2014, NAMA has funded the construction of over 4,800 new residential units in Ireland on residential development land securing its loan portfolio.

NAMA also played a key role in the resolution of unfinished housing estates within the State.  In 2010 NAMA had exposure to 332 unfinished housing estates. That has now reduced to 11 unfinished estates at this stage and all of NAMA's remaining exposure to such sites are expected to be resolved by end-2017. 

Ultimately, NAMA’s principal contribution to social and economic development of the State has been the major progress that it has made in eliminating Irish taxpayers' contingent liability of €30 billion which arose from the Government Guaranteed senior debt issued in order to acquire bank loan portfolios.  As of today, 98% of that senior debt has been redeemed and NAMA has indicated that it expects the residual €500m to be redeemed by the end of this year.  NAMA also expects to redeem its subordinated debt by March 2020 and to produce a surplus – currently estimated at €3 billion – by the time it completes its work.

Finally,  the long-term solution to the current homelessness issue is to increase the supply of homes and the Government is determined to see increases in the supply of high quality social and affordable homes, to buy or rent, as quickly as possible, particularly in the major urban areas where demand is greatest. This is one of the issues the Minister for Housing, Planning, Community and Local Government will be considering in the context of the recently announced review of Rebuilding Ireland, one year on from its publication, with an emphasis on building on the progress made, strengthening the measures already in place and identifying new initiatives that add value and raise ambition.  In this context, the fourth edition of Rebuilding Ireland's Monthly Housing Activity Report shows that housing construction activity continues to gather momentum, with an appreciable rise in the level of housing commencements notified to local authorities during March 2017.