Irish

Thursday 24 July 2014

NAMA to focus more on housing shortage in Dublin

Published 16/07/2014|07:58

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The Minister for Finance Michael Noonan,TD with Frank Daly ( behind  Mr.Noonan  ) Chairman and Brendan McDonagh, ( left) Chief Executive at the the publication of NAMA's (National Asset Management Agency) Annual Report and Financial Statements for 2013. Pic Tom Burke
The Minister for Finance Michael Noonan,TD with Frank Daly ( behind Mr.Noonan ) Chairman and Brendan McDonagh, ( left) Chief Executive at the the publication of NAMA's (National Asset Management Agency) Annual Report and Financial Statements for 2013. Pic Tom Burke
NAMA Chairman Frank Daly
NAMA Chairman Frank Daly

A major review of NAMA will recommend today that the agency focus more on residential housing.

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A major announcement is set to be made by Minister for Finance Michael Noonan and NAMA Chairman Frank Daly later today.

Under the plan, the agency will use its influence in the property market to ensure that much needed homes are built on empty land banks in Dublin.

NAMA does not own the land in question but owns the loans used to buy them.

The plan is said to also recommend that NAMA will continue in existence, despite speculation that it will be wound up early.

NAMA is working towards completing its disposal of its assets by 2018, two years earlier than planned.

Foreign investors have shown interest in buying NAMA’s massive property book.

The agency is said to have €2bn in cash and more cash may be freed up to tackle the housing shortage in the capital.

Last week the Government vowed to tackle the family housing shortage in Dublin. Too few family homes are being built in the city, with the result that prices and rents are moving upwards

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