NAMA properties set for social and cultural use

THE Government has ordered the National Assets Management Agency (NAMA) to draw up a list of idle buildings that can be used for the arts, communities or public events.

Arts Minister Jimmy Deenihan confirmed yesterday that properties with no commercial value under NAMA’s control were being examined to determine if they could be made available for public use, particularly for young people.

Opposition TDs urged the minister to make buildings available that otherwise would be sold off by the state to foreign investors for knock-down prices.

The Programme for Government between Labour and Fine Gael pledged to “seek to capture some public good from NAMA by identifying buildings that have no commercial potential and which might be suitable as local facilities for art and culture”.

Mr Deenihan told the Dáil that NAMA would be meeting his officials soon after the department wrote to the agency to discuss utilising empty properties.

“It would be really welcome by the taxpayer if they saw buildings that were in NAMA being used for cultural purposes and for young people in particular... You’ve got to look at it in terms of social capital as well. Social capital and cultural capital, you might think that would be equally as important as getting a good return in financial terms,” he added.

But Independent TD Mick Wallace went further and warned that it was essential that idle buildings be made available for local community and cultural usage.

A NAMA spokesman confirmed yesterday the agency’s chief executive Brendan McDonagh had spoken to the minister about the proposal.

“They had constructive discussions and he is looking positively at the proposal.”

NAMA owns loans from developers and banks, including in cases where buildings have been used as security by borrowers, many of whom are top developers. It is thought properties set aside for the arts could be used as galleries or extensions for already state owned public buildings.

NAMA’s legislation includes a “social good” clause, which could see the agency turning over fields, office blocks and development land for sports, public use or the arts. The agency is currently unravelling loans for the country’s top 30 indebted developers, whose loans are estimated to be worth over €24 billion.