Eoin Ó Broin (Dublin Mid West, Sinn Fein)
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531. To ask the Minister for Finance the status of the future of the National Asset Residential Property Services; and the options being considered for the future of the special purpose vehicle post the winding down of NAMA. [20663/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy may be aware, National Asset Residential Property Services DAC (NARPS) is a NAMA subsidiary which operates by purchasing suitable residential units directly from NAMA debtors and receivers and leasing them on to Local Authorities or Approved Housing bodies for social housing use.

As regards the future plans for NARPS, the Deputy will note the recommendation regarding NARPS contained in my Section 227 Review of NAMA, published in July 2019. In recognition of the important role of NARPS in terms of social housing provision, I recommended that NAMA retains ownership of NARPS until it is in a position to be transferred to another State entity as part of NAMA’s terminal surplus of €4 billion. To support this recommendation, I issued a Direction to NAMA in September 2019 under Section 14(2) of the NAMA Act.

Suitable transfer options are currently being considered by my Department in the context of NAMA completing its wind down by end 2025.