Minister Donohoe welcomes EU Commission rejection of alleged NAMA State aid complaint

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The Minister for Finance and Public Expenditure & Reform, Paschal Donohoe TD, has today (Thursday) welcomed the European Commission’s decision to reject the complaint submitted to the Competition Directorate (DG Comp) in relation to alleged aid related to NAMA’s activity in funding commercially viable residential projects under the control of its debtors and receivers.

Speaking on the decision Minister Donohoe stated; “NAMA’s residential funding programme was expanded in 2015 to facilitate the delivery of 20,000 units on sites secured by its loans by 2020. This ambitious target was welcomed as it enabled NAMA to both enhance its returns from these assets over and above any other viable strategy while at the same time delivering much needed residential units into the market at a time of weakened supply.

I welcome the decision by DG Comp in relation to this complaint which now allows NAMA to continue to work on maximising the number of housing units that are delivered from sites owned by its debtors and receivers. This strategy has already delivered the construction of an estimated 7,200 homes since 2014 and will enable NAMA to deliver its forecast surplus of €3bn which will accrue to the State over the coming years.”

ENDS

25th January 2018

 

Contact:

Aidan Murphy – Press Officer, Department of Finance – +353 (0)85 886 6667 pressoffice@finance.gov.ie