Michael McGrath (Cork South Central, Fianna Fail)
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116. To ask the Minister for Finance the status of the planned wind-up of NAMA; the details of the remaining portfolio; the estimated timeframe in this regard; the estimated financial outturn from the wind up of NAMA; and if he will make a statement on the matter. [14830/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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I wish to advise the Deputy that there has been no change to NAMA's expectation that it will complete the majority of its work by end-2020.

The Deputy will be aware that NAMA reached a major milestone in October 2017 when it announced that it had redeemed all of its State-guaranteed Senior Bonds of €30.2bn, three years ahead of schedule.

I am advised that NAMA has also made substantial progress on a number of its other objectives, including its social housing programme which has seen the delivery of over 2,400 homes for use as social housing.

While much has been achieved, there remains a significant body of work to be carried out by NAMA over the coming years. This includes completion of its Dublin Docklands SDZ programme on which there has been major progress since NAMA launched this initiative in September 2014. NAMA estimates that over 4m sq. ft. of Grade A office space and over 2,000 apartments will be delivered on its Docklands SDZ sites. I am advised that all of the sites have proceeded through the planning process or are in the planning process and that construction has commenced on 2.5m sq. ft. of commercial space and some 600 apartments.

NAMA has also made progress on another of its objectives which is to facilitate or fund the delivery of 20,000 residential units by the end of 2020. To date, I am advised that NAMA has funded the delivery of 7,400 houses, with another 3,500 houses currently under construction. Planning approval has been obtained for an additional 7,500 homes.

NAMA’s work includes the deleveraging of the remainder of its loan portfolio. The carrying value of the portfolio as at 30 September 2017, net of cumulative impairment, was €3.7 billion. I am advised that this residual loan portfolio will require intensive case management and asset management if the projected terminal surplus is to be realised. As such I do not envisage setting a shorter timeframe which could have the effect of reducing the projected terminal surplus, which is currently estimated at €3 billion, assuming market conditions remaining favourable.