Michael McGrath (Cork South Central, Fianna Fail)
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I wish to advise the Deputy that, NAMA does not own properties. On establishment, NAMA acquired loans from participating institutions for which properties act/acted as security.

NAMA’s portfolio has been significantly deleveraged and its remaining secured property portfolio is largely concentrated in the residential development land sector and not individual property units.

NARPS (National Asset Residential Property Services) is a NAMA subsidiary which was established to expedite social housing delivery. NARPS owns 1,366 residential properties which are under long term lease to AHBs and local authorities. The breakdown by local authority area is provided below. All NARPS units are leased by the AHBs and local authorities to tenants for social housing. NARPS owns 525 houses and 841 apartment units.

'Housing for All’ includes a commitment to agree the process for the transfer of NARPS from NAMA to the Land Development Agency (LDA). In line with this commitment, it was agreed in principle that the transfer will take place by way of a legislative amendment to the LDA Act 2021, subject to Government and Oireachtas approval.

The timeline for the transfer of NARPS to the LDA is therefore subject to the approval and timing of legislative amendments to the LDA Act 2021. Any necessary amendments to the LDA Act 2021 must be brought forward by the Minister for Housing, Local Government and Heritage and the timing of such amendments will therefore be determined by that Department.

Breakdown of NARPS portfolio by local authority area: