Fine Gael Kerry Senator and Seanad Chief Whip, Paul Coghlan, has today welcomed the review of NAMA, which was published this week, and commended the Agency for its work to date. Senator Coghlan was speaking during Order of Business in the Seanad.
“Since it was set up, NAMA has made steady progress in getting value for the Irish taxpayer. If market conditions continue to improve, the Agency looks set to not only redeem its debts and cover its cost, but actually make a profit. This is a very impressive result given the difficulties the Irish property sector has gone through.
“NAMA is playing an important role in our economic recovery. The Agency directly supports 15,000 jobs and it is having a positive impact on employment in the construction sector in particular. It has also been very successful in attracting international investment to Ireland.
“NAMA now intends to invest €3 billion in housing and addressing the demand for more high quality office space in Dublin’s Docklands. This is in direct response to the ongoing expansion of the financial services sector and the development of new business and technology hubs in the Docklands.
“NAMA investment in the Docklands is expected to create in the region of 14,000 construction jobs, which would have a massive impact on the capital. It is essential this development is progressed in a sustainable and strategic manner.
“The Agency also intends to invest heavily in Dublin’s housing stock to cope with pent up demand for more family homes. NAMA estimates that it can fund up to half of Dublin’s housing requirement over the next five years.
“I am pleased that NAMA is delivering so positively for Irish taxpayers and I wish the Agency continued success in the future.”