NAMA gives green light to €480m to finish UK projects
NAMA's e480m for UK projects
NAMA has given the green light to €480m worth of new loans to finish projects in the UK, compared to just €401m it has agreed for projects at home.
The so-called bad bank has so far approved €880m in fresh loans to developers to fund the completion of building projects. And €740m of this has actually been drawn down.
It appears that the National Asset Management Agency has identified that the UK has better development opportunities than here at the moment.
Sinn Fein accused the Government of encouraging money to be pumped into the UK economy, instead of supporting jobs and projects at home.
However, a representative for NAMA said decisions on which projects to advance money are taken on a purely commercial basis.
"NAMA will only provide additional capital to projects that are commercially viable and only in cases where the additional capital will deliver a better return for the taxpayer than would otherwise have been the case," NAMA said in a statement.
Finance Minister Michael Noonan told the Dail that less than a quarter of all NAMA loans are fully up to date and meeting all obligations.
Big projects in prime London developments are top of the priority list.
And just 1pc of the new loans are going to projects in Northern Ireland, even though around 5pc of NAMA assets are located in the North.