National Asset Management Agency - Annual Report 2013


In the context of its objective to contribute to the wider social and economic development of the Irish economy, NAMA seeks to manage its portfolio in a manner that complements the objectives of Government Departments, local authorities and State agencies. The following are some of the areas in which NAMA seeks to give practical effect to the objective of contributing to the social and economic development of the State.


In its Business Plan published in July 2010, the NAMA Board ('the Board') undertook to "engage proactively with Government Departments, local authorities, State Agencies and other appropriate bodies in relation to their possible need for land/properties". The Board also committed to giving first option to State bodies on the purchase of property at current approved valuations which may be suitable for their purposes.

In line with this commitment, NAMA works with Government departments and statutory bodies to deliver suitable land and property for schools, health care facilities, community and recreational amenities and other uses. Examples include:

  • The identification and sale of seven sites for new schools, with a further 14 under review. An example is a 200-acre site in Mungret, Co. Limerick which will accommodate two schools and significant other social infrastructure.
  • The letting of over 18,000 sq. ft. in office space in Balbriggan, Dublin to the Office of Public Works, terms of which have been agreed.
  • The Health Service Executive's acquisition of nearly 3,000 sq. ft. of office space in Dublin 2 and the identification of a number of additional sites as being available for health care facilitates/primary care units.

NAMA is engaged more generally with public bodies in respect of public policy processes and on specific initiatives. This includes:

  • The Agency's work with the DECLG in respect of planning policy and procedures;
  • Engagement with Dublin City Council on a range of planning issues relating to the delivery of sustainable development within the Dublin city centre business district and the docklands area, including the delivery of Grade A office accommodation; and
  • Engagement with the Department of the Taoiseach to support the Government's initiative in respect of Priory Hall (an asset which does not secure any NAMA loans) and in relation to NAMA's potential contribution to the recovery of Ireland's construction industry.


NAMA has cooperated actively with the DECLG and with the Housing Agency in seeking to match the residential stock controlled by its debtors and Receivers with the requirements for social housing.

To date, NAMA has identified over 4,650 residential properties as being available for social housing provision. Of these, demand has been confirmed to the Housing Agency for 1,849 properties. The onus for determining the suitability of these units for social housing purposes rests with the local authorities and the Housing Agency.

684 residential units across 13 counties have been delivered to date under this initiative and NAMA expects that another 500 units will be taken up by local authorities and housing bodies during the remainder of 2014. Current indications are that another 900 residential units could be delivered over the course of 2015 and 2016. NAMA has incurred approximately €13m in capital expenditure in completing residential units for social housing purposes.

As a means of expediting the provision of social housing, NAMA established a Special Purpose Vehicle ('SPV') - National Asset Residential Property Services Ltd. - to acquire units from its debtors and Receivers and to make them available to approved housing bodies by way of a long-term lease. NAMA's involvement has facilitated what may potentially become one of the single largest allocations of social housing in the history of the State.


The DECLG, in conjunction with local authorities around the country, prepared an updated survey in 2013 of unfinished housing developments. Based on this survey, NAMA has identified that it currently holds security over 268 or 21% of the revised estimate of 1,258 unfinished estates.

NAMA is funding, through its debtors and Receivers, the cost of remedial work on these estates. Expenditure on such work to date has been of the order of €4m. Site resolution can involve a variety of works, including the completion of roads and infrastructure and the completion of houses and apartments for sale or rental.


Analysis of the Irish residential market has been impaired by a lack of independent professional research and data which would facilitate policy-making and commercial activity. In particular, there has been an absence of reliable and unbiased information about the key factors that will influence the availability and cost of housing over medium- and long-term horizons. For this reason, NAMA agreed to take a leading role in promoting and funding a two-year research programme on housing to be undertaken by the Economic and Social Research Institute ('ESRI'). The objective is to produce practical market insights that will facilitate informed decision-making by all market participants, including potential purchasers, investors and the construction industry.

The research programme is being overseen by a Steering Committee, on which NAMA is represented, which is agreeing priorities and review outputs. Editorial control and responsibility for the research and for final output will rest with the ESRI. The first outputs from the ESRI research programme, which is co-sponsored by the Irish Banking Federation, are scheduled for delivery in June 2014.

FIGURE H: Position (as at end-March 2014) in relation to houses identified by NAMA for social housing

FIGURE H: Position (as at end-March 2014) in relation to houses identified by NAMA for social housing

In February 2014, 35 new two- and three-bed houses at Coneyboro, Athy, Co. Kildare were provided by Clúid Housing Association through NAMA to 35 households, including 30 families, from the Athy Town Council's housing waiting list. The new residents had been waiting for an average of seven years for housing.
The beneficiaries extended beyond the new residents. The 35 units were part of a larger, 400-unit development, which, prior to Clúid's acquisition, had been in an unfinished state. NAMA provided funding to complete works throughout the estate, including internal roads and green areas.