Written answers

Tuesday, 16 January 2018

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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180. To ask the Minister for Finance the number, extent and value of housing developments, commercial properties and land under the control of NAMA in County Galway and in Galway city in each of the years 2009 to 2017 and to date in 2018; and if he will make a statement on the matter. [54337/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I wish to point out to the Deputy that the property assets securing NAMA’s loan portfolio remain under the ownership and control of debtors and receivers.

Set out in the following is information, in the format held by NAMA, relating to property collateral in Co. Galway that secured NAMA’s loan portfolio for each of the years from 2012 to 2017 (as at mid-June). Changes from year to year reflect the impact of asset disposals activity, changes in the value of retained assets and changes in asset classification e.g. from ‘Land’ to ‘Development’ for sites on which development was funded by NAMA.

I am advised that the NAMA website, www.nama.ie, includes a list of all properties under the control of NAMA receivers, including  properties in Co. Galway. 

Breakdown of NAMA secured assets in Galway by sector

2012 - aggregate value €488m
Retail39%
Hotel & Leisure18%
Residential14%
Office12%
Industrial7%
Land 5%
Residential / Commercial Development4%
Other0.4%
2013 - aggregate value €439m
Retail40%
Hotel & Leisure16%
Residential14%
Office12%
Industrial8%
Land 5%
Residential / Commercial Development5%
Other1%
2014 - aggregate value €503m
Retail27%
Residential22%
Hotel & Leisure16%
Office14%
Land 9%
Industrial7%
Residential / Commercial Development3%
Other1%
2015 - aggregate value €290m
Retail36%
Residential19%
Office19%
Land11%
Industrial6%
Residential / Commercial Development5%
Hotel & Leisure4%
Other0.1%
2016 - aggregate value €48m
Land37%
Retail21%
Residential / Commercial Development19%
Industrial10%
Residential7%
Office6%
HY 2017 - aggregate value €43m
Land42%
Retail23%
Residential / Commercial Development13%
Residential9%
Industrial7%
Office6%

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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181. To ask the Minister for Finance the details of NAMA’s remaining portfolio, by county and by type in each of the years since 2009, in tabular form; and if he will make a statement on the matter. [54338/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I refer the Deputy to the following tables, which show a breakdown of the property collateral securing NAMA’s portfolio, by county and sector, for each of the years from 2012 to 2017. The Deputy will be aware that the acquisition of loans by NAMA was undertaken in 2010 and 2011 and, because it took some time to collate data on the underlying property collateral, the breakdown requested by the Deputy is not available for those years, other than a geographical split by country which is the Annual Reports for 2010 and 2011. The carrying value of NAMA’s loan portfolio at each year-end can be found in its Annual Reports, which are publicly available on the NAMA website –www.nama.ie.

I am advised by NAMA that the year-on-year reduction in the value of its remaining portfolio is a result of NAMA’s approach to the disposal of assets under its control. In each of its main markets, NAMA has released assets for sale in a phased and orderly manner that is consistent with the level of demand, the availability of credit and the absorption capacity of each market. This approach enabled NAMA to redeem all of its senior debt by October  2017 and thereby eliminate the contingent liability of the Irish State.

Breakdown of NAMA secured assets by county and by sector

2012
LocationSector
Dublin67%Retail26%
Cork11%Office20%
Kildare5%Residential18%
Galway4%Land 14%
Meath2%Development11%
Wicklow2%Hotel & Leisure8%
Limerick2%Industrial2%
Louth1%Other1%
Sligo0.7%
Waterford0.7%
Westmeath0.6%
Carlow0.5%
Wexford0.5%
Clare0.5%
Dublin0.4%
Laois0.4%
Tipperary0.4%
Donegal0.3%
Mayo0.3%
Kerry0.3%
Kilkenny0.2%
Offaly0.2%
Roscommon0.2%
Cavan0.2%
Leitrim0.1%
Longford0.1%
2013
LocationSector
Dublin69%Retail24%
Cork10%Office22%
Galway4%Residential18%
Kildare4%Land 14%
Meath2%Development11%
Limerick2%Hotel & Leisure7%
Wicklow2%Other3%
Louth1%Industrial2%
Westmeath0.7%
Clare0.5%
Carlow0.4%
Sligo0.4%
Wexford0.4%
Laois0.4%
Tipperary0.4%
Waterford0.4%
Roscommon0.3%
Kerry0.3%
Donegal0.3%
Kilkenny0.2%
Mayo0.2%
Offaly0.2%
Cavan0.2%
Leitrim0.1%
Longford0.04%
Monaghan0.01%
2014
LocationSector
Dublin68%Retail27%
Cork9%Residential22%
Galway5%Office18%
Kildare4%Land 15%
Meath2%Development9%
Limerick2%Hotel & Leisure6%
Wicklow2%Industrial3%
Kerry1%Other1%
Louth1%
Waterford1%
Clare1%
Sligo1%
Wexford1%
Laois1%
Westmeath0.5%
Tipperary0.4%
Donegal0.4%
Carlow0.4%
Kilkenny0.4%
Mayo0.3%
Roscommon0.2%
Cavan0.2%
Offaly0.1%
Leitrim0.1%
Monaghan0.1%
Longford0.05%
2015
LocationSector
Dublin70%Land22%
Cork9%Residential20%
Kildare5%Office19%
Galway4%Retail17%
Meath3%Development12%
Wicklow2%Hotel & Leisure6%
Limerick2%Industrial3%
Sligo1%Other1%
Laois0.5%
Louth0.4%
Donegal0.4%
Wexford0.4%
Westmeath0.4%
Cavan0.3%
Kerry0.3%
Roscommon0.3%
Waterford0.2%
Clare0.2%
Tipperary0.2%
Mayo0.2%
Carlow0.1%
Kilkenny0.1%
Leitrim0.1%
Offaly0.1%
Monaghan0.05%
Longford0.04%
2016
LocationSector
Dublin78%Land31%
Cork8%Development22%
Kildare5%Residential19%
Wicklow4%Retail13%
Louth1%Office9%
Westmeath1%Hotel & Leisure4%
Sligo1%Industrial1%
Meath1%Other1%
Galway1%
Limerick0.3%
Wexford0.2%
Waterford0.2%
Leitrim0.1%
Kilkenny0.1%
Laois0.1%
Offaly0.05%
Longford0.05%
Donegal0.04%
Mayo0.03%
Roscommon0.03%
Clare0.02%
Kerry0.02%
Tipperary0.01%
HY - 2017
LocationSector
Dublin78%Land31%
Cork8%Development24%
Kildare5%Residential19%
Wicklow4%Retail13%
Meath1%Office8%
Galway1%Hotel & Leisure4%
Sligo1%Industrial1%
Louth0.4%
Waterford0.3%
Limerick0.3%
Wexford0.2%
Westmeath0.2%
Mayo0.1%
Kilkenny0.1%
Laois0.1%
Clare0.1%
Leitrim0.1%
Roscommon0.04%
Longford0.03%
Cavan0.02%
Donegal0.01%
Kerry0.01%
Offaly0.01%
Tipperary0.01%

Photo of Noel GrealishNoel Grealish (Galway West, Independent)
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182. To ask the Minister for Finance the reason properties and land in the NAMA portfolio are listed by NAMA as not for sale; the number of properties or land which are for sale and not for sale respectively; and if he will make a statement on the matter. [54339/17]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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The Deputy will be aware that NAMA does not own property. Instead NAMA acquired loans and its role is as a secured lender. The property itself continues to be owned and managed by the property owner, or receiver where one has been appointed. Sections 99 and 202 of the NAMA Act 2009 preclude NAMA from disclosing information relating to NAMA debtors, their finances and their property. As such, NAMA cannot publish information relating to debtor-managed properties and the NAMA website therefore does not include information relating to such properties. The Deputy will be aware that sales of NAMA-secured properties are conducted according to NAMA’s open marketing guidelines, with the property owner or receiver, not NAMA, managing the sales process.

With regard to receiver-managed properties, because certain information relating to the receivership is publicly available, this allows NAMA to publish details of these properties on the NAMA website. The information available includes the location of the particular property and contact information for the receiver’s office. Where a property is for sale, contact information for the sales agent is also included.

Currently there are 428 entries on the NAMA website of receiver-managed assets in Ireland which are not yet for sale but which are likely to be offered for sale in the future. In addition, there are 112 entries which relate to receiver-managed assets which are currently for sale. I am advised that each entry may consist of multiple properties. If a NAMA-secured property is not for sale, this is due to the strategy adopted by the receiver or property owner in order to maximise the return for the asset and also to ensure that NAMA obtains the best achievable financial return for the State, as required under Section 10 of the NAMA Act.

The most recent details for NAMA's remaining portfolio are available in the Agency's quarterly section 55 accounts for Q2 of 2017. This report is publicly available under the Publications section of the NAMA website and outlines that the carrying value of NAMA’s loan portfolio at 30 June 2017, net of cumulative impairment, was €3.7 billion. I am advised that the intention of the Agency is to continue the deleveraging of the remaining portfolio, but am advised that this loan portfolio will require intensive management in order to ensure that the underlying value is realised and that NAMA’s advised projected terminal surplus of €3bn can be secured subject to current market conditions prevailing.

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