The Labour Party has called for the National Asset Management Agency (NAMA) to be reconfigured as the State's National Housing Body.

Labour spokesperson on Urban Regeneration Joe Costello, made the call in response to the organisation's end of year summary, which he said provides "much food for thought".

"NAMA was established in 2010 as a bad bank to clear up the indebted property mess in the wake of the departing Celtic Tiger," he said.

"It has now achieved most of its objectives after seven years and paid back the $30 billion which it borrowed from the State to buy out the property loans from the banks.

"While much attention has been drawn to some of NAMA's multi-billion transactions with venture capitalists, its role as a home builder and builder of commercial property has passed under the radar. NAMA is the only show in town when it comes to the construction industry. It is a public body operating with public funds. It has completed the job it was set up to do in record time. It is now using some of the surplus funds it has generated to engage in joint ventures to develop the remaining indebted sites and properties under its control."

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NAMA says between 2014 and 2017, it has helped build 7,200 new homes and apartments, while nearly 2,500 social homes have been developed since 2012.

In addition, it has or is seeking planning permission for 8,500 new homes at present, while funding is in place to deliver 20,000 new homes by the end of 2020.

Mr Costello continued: "This is a staggering transformation for an impaired asset- disposal company to have achieved in the space of a few short years.

"But it is the message for the Government in the present homeless and housing crisis that is crucial. There is now a public body that has the capacity to make an immediate and substantial difference in the crisis.

"The government must accept that its existing policy of relying on the private sector to solve the crisis has failed as the homeless and housing lists continue to increase.

"NAMA has completed its legislative remit. It has demonstrated flair and capacity in the construction industry. It is well resourced. Now is the time to redirect and reconfigure the Agency into a new role as the State's National Housing Body."

(LM/MH)