Nama may be forced to deliver on social housing... THE GOVERNMENT is considering plans to amend legislation that would oblige the National Asset Management Agency (Nama) to deliver more social housing and public amenities. Nama, created to purge banks of toxic property loans, has purchased some €31 billion of loans connected to thousands of residential properties – loans valued at over €72 billion at the height the property bubble. There is frustration in some circles of Government that the agency is not under any formal obligation to provide a “social dividend”. Minister for Housing Willie Penrose is understood to have written to the Attorney General in recent weeks seeking clarity on how Nama’s terms of reference could be changed to give it a broader remit that goes beyond securing the best achievable financial return for the State. Officials fear the agency is too focused on its commercial remit to generate profits and feel the State is at risk of losing out on opportuniti...
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