Minister for Finance Michael Noonan has published the review of the National Asset Management Agency (NAMA) and concluded that the organisation is meeting its strategic objectives.

In its findings, the report said that NAMA continues to be necessary and will have at least 80% of its work achieved by the end of 2016. This would be two years ahead of schedule.

The Minister added that the organisation can deliver half of Dublin's housing needs, as well as the surrounding areas, in the coming years.

Commenting on the publication, Minister Noonan said: "Since its inception, NAMA has made steady progress in securing value for the Irish taxpayer and is well positioned, if market conditions remain strong, to not only redeem its debts and cover its costs ahead of target but to generate a surplus.

"In addition, NAMA has played a very significant role in attracting investment into Ireland, supporting the building and construction industry and supporting 15,000 jobs in Ireland through trading businesses linked to their loans.

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"Based on the assessment published today and in line with Section 227 of the NAMA Act I accept the conclusions of the Review that NAMA has made significant progress in achieving its overall objectives and continues to be necessary."

Frank Daly, NAMA Chairman, added: "The Board is very confident that NAMA will redeem its senior and subordinated debt sooner than the 2020 date that it had originally envisaged. We also believe that NAMA will ultimately return a surplus to the Exchequer.

"If achieved, this would be a very creditable outcome bearing in mind the very difficult market conditions faced by NAMA in its first three years of operation, not least the fall of 25% – 30% in property prices in the Irish market between the start of 2010 and mid-2013."

In addition to the above, the Minister also revealed NAMA's plans to transform the Dublin Docklands area. He said: "The Dublin Docklands area presents a unique opportunity for NAMA and the Irish taxpayer. It is rare that such large swathes of prime waterfront land in a modern city such as Dublin has remained undeveloped.

"It is even rarer that the ownership of such land rests in a State organisation providing the opportunity for truly joined up planning, development and construction of such a large and important area. NAMA now has the opportunity to bring this area to life and create a Dublin Docklands that will rival the likes of London's Canary Warf, Boston's Seaport and Singapore's Marina Bay."

(JP/IT)