THE CHAIRMAN OF the National Asset Management Agency (NAMA) Frank Daly has said they will be investing “a minimum” of €2 billion in the Irish property market.

Speaking on RTE’s The Business radio show, he said the €2 billion should be invested by the end of 2016.

He said that this was an addition to the €500 million that NAMA has already invested “directly back into the economy, through residential and commercial developments.”

Tallaght

He said NAMA had an agreement with South Dublin County Council in relation to buying the car park in The Square in Tallaght with the view to developing the square. He said NAMA had an interest in the shopping centre and would be making an application to do major development work on the shopping centre.

The development would create 300 jobs in construction and a further 400 jobs after that as new shops move in, said Daly.

In addition to speaking about investment he said that NAMA was dealing with more than 850 debtors and has 140,000 houses and apartments under its control.

Daly said that €13 billion had been generated in revenue from rents and from disposals of assets and properties since its establishment.

When asked about the controversy about staff leaving NAMA and working in the private sector, he said:

I don’t believe any NAMA staff have gone off and used information for their own benefit.

He did say that it was inevitable staff would be poached and that is posing a challenge.

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