NAMA meeting its Strategic Objectives
Finance Minister Michael Noonan taking questions at this mornings press conference on the NAMA (Section 227) Review
- Section 227 review concludes NAMA meeting its objectives and continues to be necessary
- NAMA directly supporting 15,000 jobs and each sale is follow by significant increase in building activity and jobs on the building
- NAMA to redeem a minimum of 80% of its senior debt by the end of 2016, a full two years ahead of schedule
- Minister and NAMA Chairman set out NAMA strategy to create a Dublin Docklands area to rival of London’s Canary Warf, Boston’s Seaport and Singapore’s Marina Bay
Finance Minister Michael Noonan today published the Review of the National Asset Management Agency (NAMA).
The Review is a requirement under Section 227 of the NAMA Act 2009 and was prepared by officials in the Department of Finance to assist the Minister in assessing:
(a) the extent to which the Agency has made progress in achieving its overall objectives and
(b) whether its continuation is necessary having regard to the purposes of the Act
The Minister said:
Since its inception NAMA has made steady progress in securing value for the Irish taxpayer and is well positioned, if market conditions remain strong, to not only redeem its debts and cover its costs ahead of target but to generate a surplus.In addition, NAMA has played a very significant role in attracting investment into Ireland, supporting the building and construction industry and supporting 15,000 jobs in Ireland through trading businesses linked to their loans.Based on the assessment published today and in line with Section 227 of the NAMA Act I accept the conclusions of the Review that NAMA has made significant progress in achieving its overall objectives and continues to be necessary. Read the full press release here.Read the full review here.