The European Union (EU) has rejected a complaint lodged with the Commission by a group of five Irish property developers, namely, that the involvement of the National Asset Management Agency (NAMA), in house building was anti- competitive.

Labour spokesperson Joe Costello welcomed the announcement.

He said: "At the same time the local authorities lack the capacity to fill the vacuum. In 2016 and to the end of November 2017, the combined 31 local authorities built only 439 units of residential accommodation and the voluntary housing sector built only 169 units.

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"Clearly, the present policy is a complete failure.

"There must be a public housing program led by a public body to lead the way.

"NAMA has begun to transform itself from its original remit back in 2010 of disposal of impaired State assets to becoming a major actor in the construction industry. It has done so largely by leveraging its properties and sites with developers through joint ventures.

"Its end of year statement demonstrates that it has already built thousands of homes and has a substantial 20,000 units of houses and apartments under construction or at planning stage at present.

"Moreover, NAMA has a multi- billion cash fund in the bank for future construction if required."

(CD/MH)