Location of NAMA loans need to be mapped

28 July 2011

by Cllr Joe Costello

Labour T.D., for Dublin Central, Joe Costello, today welcomed the publication of the National Asset Management Agency's (NAMA) annual report.

"While the publication of this report is to be welcomed, questions remain over why its publication has taken so long. Since its establishment over two years ago, this is the agency's first major publication and it is long overdue.

"I welcome the identification of the loans / assets which have been acquired by NAMA in Ireland, Britain, Northern Ireland and elsewhere. It is essential that the location of all assets be mapped before a proper market can be put in place. The Irish people cannot be left in the dark regarding the serious issue of the country's finances. I urge NAMA to communicate as regularly as possible with the public, in an honest and transparent fashion.

"It is disappointing that NAMA has suffered a loss of €1.1 billion from impaired loans in transactions to date. It is crucial that NAMA opens up the market with the portfolio of loans and property it owns.

"The recent announcement of social housing in South County Dublin yesterday is to be welcomed. Furthermore, I would urge NAMA to link up with local housing authorities across Ireland with a view to creating opportunities for social dividends, and indeed the establishment of a commercial market".