Nama not hoarding land with residential planning permission, CEO says

The head of the National Assets Management Agency (Nama) has denied claims that they are hoarding land.

Nama not hoarding land with residential planning permission, CEO says

The head of the National Assets Management Agency (Nama) has denied claims that they are hoarding land.

CEO of Nama Brendan McDonagh was speaking before the Public Account's Committee this morning.

He said that the recent public and media discussion on housing has been over simplistic and that as soon as land becomes available and is commercially viable then Nama will act.

"There seems to be a widespread but voracious assumption that any land with residential planning permission which is not actually being developed is, therefore, being hoarded. I can only speak on behalf of Nama but the point applies to others also," he said.

"The reality is if you cannot fund a residential site if it is not commercially viable. Does that mean we are supporting hoarding of land? We are not.

"I assure you that as soon as a site becomes commercially viable there is no hesitation on Nama's part to fund its development."

It has also been revealed that work on a major new housing development in Dublin might not start until 2020.

The area in Ringsend, known as Poolbeg West, has permission for 3,500 homes, of which 900 must be social and affordable.

New schools, commercial units, community spaces and roads are also part of the development.

Mr McDonagh says details of the first phase should be confirmed in the next few months.

"It will then be necessary to submit planning applications to the council for the development of the onsite infrastructure roads for the first phases of the project.

"It is unlikely the construction of the first phase of apartments, which is planned for the site will begin before 2020."

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