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Ireland's "bad bank" to invest 7.5 bln euros in development program

Xinhua, December 4, 2015 Adjust font size:

Ireland's National Asset Management Agency (NAMA), the country's state-owned "bad bank", announced on Thursday that it would invest 7.5 billion euros in a commercial and residential development program.

NAMA announced details of a major project that aims to create almost 3.8 million square feet of new commercial space in Dublin's docklands and 20,000 new homes in Dublin and other areas of strong demand.

The docklands development program will require total funding of 1.9 billion euros with peak funding up to 500 million euros, NAMA said.

This includes a 170 million euro funding plan for the historic Boland's Mill site in Dublin's docklands, constructing office blocks, apartments and shops, it said.

NAMA also said the residential program will require total funding of 5.6 billion euros with peak funding expected to be 1.8 billion euros.

It added the proceeds from the sale of completed projects will be recycled to fund new commercially viable projects.

NAMA was set up in 2009 as one of a number of initiatives taken by the Irish government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009. Endit