Wednesday 26 October 2016

Nama 'must act to help jump start housing market'

Gordon Deegan

Published 20/05/2015 | 02:30

Michael Noonan
Michael Noonan

Finance Minister Michael Noonan has demanded that Nama acts to help jump start the residential property market.

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The minister made the request at a recent Nama board meeting, where it was revealed that the agency financed half of all new residential homes built here last year.

However, the notes of the March board meeting point out that the residential property market "is not self-sustaining" and remains reliant on Nama.

The notes record that Mr Noonan requested at the meeting that Nama considers initiatives that could be undertaken to improve the situation.

In minutes of the Nama board 'Strategy Away Day' meeting held at the Herbert Park Hotel in Dublin, which was attended by Mr Noonan, it was recorded that the minister advised that more needed to be done to remove obstacles in the residential property market system, "citing the broken funding model as a case in point with funders remaining risk adverse following the property crash".

It was also recorded that Nama had delivered 50pc of the 3,000 residential units built in 2014.

Irish Independent

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