NAMA's Success in Recouping Money for the State Welcome - Coghlan

Posted on December 5, 2014 at 6:45 AM


Fine Gael Senator for Kerry and Seanad Chief Whip, Paul Coghlan, has welcomed the progress of NAMA as it continues to sell property and repay debts.


“NAMA has paid off €16.1 billion in bonds to date, with €1 billion of that paid out just this week. NAMA has proven to be a great success in recovering a lot of the debt that was crippling the economy during the recession. It should be noted that it is expected that NAMA will have paid off all bonds by 2018, which is two years ahead of schedule.


“This week I was particularly pleased to hear about the development of the 400,000 square foot Boland's Mill site. This development will cost €150 million and will address shortfalls in office and rental accommodation in the city centre. The plans include the construction of a 14-storey office block and I am sure that due to the prime location of the Mill, these offices and homes will be snapped up without delay. Boland’s Mill is situated right at the centre of Dublin’s Silicon Dock; Facebook, Twitter, Airbnb, Google and many other tech companies are in the area and make this location extremely desirable.


“The development of Boland’s Mill, as well as the sale of hundreds of other properties by NAMA, is very much to be welcomed. I am hopeful that by the end of the process there will be a profit for the State and for the taxpayer.”


Categories: Financial

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