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THE NUMBER OF ghost estates on the books of the National Assets Management Agency (Nama) that are yet to be resolved has fallen from 332 in 2010 to 47 in 2015.
In its annual review published today, the asset management agency, which was set up after the banking and property sector collapse, said that number will be resolved during 2016.
Cash balance
Today’s report states that by end of year 2015, Nama had a cash balance of €3.4 billion.
The agency said it had €9.1 billion in cash generation in 2015, and €32.7 billion total cash has been generated since its inception in 2010.
In terms of loan and asset sales, the agency said it had made €8.5 billion in 2015, and €27.2 billion total sales since 2010.
There has been criticism of Nama’s approach to the selling of assets, with Tasc’s Rory Hearne stating that the consensus view that welcomes Nama selling off its assets and paying down its debt quicker than planned is wrong.
We are losing billions from the sale of massively discounted assets, losing from the higher prices from foreign investment, and losing the potential to use these assets to provide a social return over the longer term through the provision of social and affordable housing.
Nama states the cash generated last year means it is well in excess of last year’s target of €7.4 billion.
Disposal of loans
The principal disposal transactions in 2015 were Project Jewel – loans secured by a number of prominent retail assets, including Dundrum Town Centre – and Project Arrow.
The Arrow portfolio comprised loans with debt balances of €6.2 billion.
Project Arrow hit the headlines this year, when Independent TD Mick Wallace called for a suspension of the project.
Housing
However, in the midst of a housing crisis, Nama’s annual report states that it has provided 2,000 social housing homes by the year-end of 2015. In addition, it states 2,300 new homes have been funded.
Dubin City Council was allocated the most, with 379, followed by Cork County Council with 280, and Westmeath County Council with 220 delivered.
Another 5,000 units have received planning permission with construction expected to begin on the majority of these in 2016, while planning applications have been lodged or will be lodged within 12 months for another 9,900 units, states the agency.
Nama says another 32,500 units are at the pre-planning stage or feasibility stages.
Construction on Nama’s Dublin Docklands development has started on a number of sites, with the agency stating it will deliever over 1.3 million square feet of commercial space and 346 residential units.
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Just don’t tell anyone they are on flood plains
Well people buying property should know where they are buying as well.
I don’t think that’s fair. The average person has no knowledge of hydrological engineering, historical flood data, rainfall patterns etc. to make informed decisions like this. Its surely down to politicians and planners to plan on our behalf.
Yes it should never even get to that stage if it goes through the planning g authorities, but we’d know these developers and their politician buddies don’t care about joe soap and when the problems arise they will be long gone and won’t be held accountable either ways.
Flood data is available easily online. Frankly, someone purchasing a house should do a bit of basic research. People spend far more time researching a TV or phone.
George…the average person shouldn’t have to do such research……what the f**k are councillors and local public engineers and planners paid for?
To do F all?? That what we pay them for.
Nama should be closed down and investigated by the fraud squad
and who should investigate the fraud squad?
@Ger, the fraud fraud squad of course!
I dunno… The coast guard?
We’re loosing NOTHING… If NAMA sells assets and loan books higher than what it paid to acquire them and it’s running costs. It makes money for the state.
Potentially holding on to them or developing unfinished sites themselves could yield higher returns. But carries with it risk. The market is volatile, stock markets are dipping, China’s manufacturing data is poor, oil producing countries are facing deficits, terrorism is becoming an increasing threat.
It’s not an investment fund, and it’s not a property developer. It’s an asset management and disposal agency. If the Irish public wants to be gamble and think it could make money off these assets then reclassify it as one of the above…. But accept that it might need public funding if things turn downward.
No Paul they should never have been given permission in the first place. It should be a given when you buy a house that all of proper permission has been passed and if there is a problem later on it should be the guilty that have to pay.
I thought it should be “WE” have so many billion, and not “IT” has.
Only 47 left? A lot were in the completely wrong area plus others were in a poor state. Surely some had to be demolished?
have your say