National Regeneration Development Agency “Not Credible” After Nama Sells €40Bn


New National Regeneration Development Agency “not credible” after NAMA sells €40bn of property to speculators and Vulture Funds

NRDA belated admission of madness of Government NAMA policy that has helped created current housing emergency

People Before Profit TD and spokesperson on housing Richard Boyd Barrett has labelled the new National Regeneration Development Agency which is set to be approved by government as “not credible” and an “admission of a crazy government policy that has promoted property speculation and the housing crisis.”

The TD for Dún Laoghaire pointed to the €40bn sell-off of land and assets by NAMA to vulture funds and speculators which he said: “created the conditions for rampant property speculation and land hoarding.”

He also pointed out that NAMA is even now selling the loans of the late developer, Owen O’Callaghan, code-named Project Lee in Cork which is estimated to cost €330 million.

He said this was another example of the government flogging assets to private entities who have just sat on land in order to manipulate prices.

Deputy Boyd Barrett said: “As everyone knows we have a massive housing crisis which is only getting worse because of government policy.

“The announcement of the NRDA by the government today is simply not credible and too little too late. The state had NAMA which was full of property and land portfolios and yet the government saw fit to sell these assets for a song to vulture funds and speculators.

“Now the government is setting up the NRDA which conceivably might buy land and property off the very people who were sold NAMA assets. The setting up of this entity is a blatant admission of the total government failure regarding the provision of public and affordable housing.

“The housing crisis is a direct result of two crazy decisions taken by successive Fine Gael governments:

  • The decision to stop the building of public housing on public land.
  • And the handing over of vast amounts of public land and property to vulture funds and speculators.

“The setting up of the NRDA is an admission of the extreme folly of NAMA selling land and property to speculators and vulture funds. Conceivably, the state could now end up buying some of this property back from these same speculators at inflated prices. It is bonkers.”