Dáil Motion to halt NAMA sales & refocus NAMA to housing crisis

January 17, 2017

The Social Democrats today launched a motion calling for an immediate halt to NAMA asset sales while a catalogue of their assets is compiled along with a thorough examination of how those assets can be utilised effectively to help address the current housing and homelessness crisis.

The motion further calls for an update to the existing legislation governing NAMA so that it reflects the Ireland of 2017 rather than 2009 when it was brought into law. In 2009 the primary purpose of the Act was specified as addressing ‘the serious threat to the economy and the stability of credit institutions in the State generally….’ The Social Democrats argue that the primary purpose of the NAMA Act should now change to prioritise the primary purpose of the Act as the social and economic development of the State.

Catherine Murphy TD said:

“We all watched the Great Irish Sell Off and read the reports about the obscene profits vulture funds are making on the back of the discounted NAMA assets they are buying. In many cases these assets represent housing units which could be used to address the appalling housing and homelessness crisis we are currently facing.  Changing the NAMA Act so that the priority shifts to focus on citizens and how NAMA can act in their best interest seems the very obvious and right thing to do now.”

Róisín Shortall TD said:

NAMA was established to deal with a debt crisis but it is now contributing to the housing crisis. With everything that has been revealed about how vulture funds are operating in Ireland it would be extremely remiss of the Government to sit back and allow asset sales from NAMA to continue apace. The time is long overdue for us to assess what NAMA has at its disposal and how we can use those assets for the social and economic development of our country rather than for the profits of global corporations and vulture funds.  We are urging the Government to allow time for a debate on this motion with a view to fundamentally shifting how NAMA operates on behalf of the State.”


17th January 2017