Sinn Féin Finance Spokesperson Pearse Doherty has said that NAMA should be making a profit, not just breaking even and repaying its debt.
His comments come after review, published on Wednesday, found that the organisation was "meeting its strategic objectives".
Deputy Doherty said: "I have been monitoring the approach of this Government to NAMA with concern. The Government's main goal with NAMA is to wind it up as soon as possible, which is irrational when some property prices have further to go in recovery, particularly outside Dublin.
"Earlier this year, NAMA completed the sale of its entire Northern loan book for €400 million less than it paid for it. Considering the loan book was generating an annual income and directly supported 2,000 jobs in the North, it defies logic that this loan book would be sold off so quickly and at a reduction.
"NAMA does not have to officially wind up until 2020, but the Government wants the majority of its business to be completed by 2016. I am concerned that this kind of haste will cause mistakes."
He continued: "I've already received a number of contacts expressing concern with the valuation of certain NAMA disposals. In addition, there is no adequate cooling off period for senior NAMA staff in place and we have already had a situation where one senior member left this year and very soon after took up employment with a private property investment firm.
"It's not enough for NAMA to break even. Every cent the banks discounted on loans transferred to NAMA was met with recapitalisation by the Irish people.
"Given the Government has failed spectacularly to achieve retrospective recapitalisation from Europe, to date, we need NAMA to return a sizeable profit on its loans for the Irish public to see any real benefit."
(JP/IT)
Time and date
CONSTRUCTION DIRECTORY
Latest Construction News
20/11/2024
MDE has been awarded the electrical services contract for the Clondalkin School Development Project in Dublin. Working alongside Cunningham Contracts Ltd., the company will serve as the specialist electrical contractor for the construction of new facilities for Gaelscoil na Camóige, Gaelscoil ...
20/11/2024
In celebration of European Week for Waste Reduction, the Northern Ireland Resources Network (NIRN) has launched an environmental education programme to promote zero-waste principles among young people. Three schools from the ABC Borough—St Francis Primary School in Lurgan, St Patrick's Primary ...
20/11/2024
Work has begun at hospital sites across Northern Ireland as part of preparations to eliminate car parking charges by May 2026. Health and Social Care Trusts are installing the necessary infrastructure for a new traffic management system, following the passing of the Hospital Parking Charges Act by ...
20/11/2024
Fine Gael has accused Sinn Féin of abandoning its commitment to protect consumers from rising energy costs, claiming that the party's policies could lead to increased costs for 2.1 million customers. The criticism comes after Sinn Féin's alternative budget last month proposed retaining the ...
20/11/2024
SDLP Agriculture, Environment, and Rural Affairs Spokesperson Patsy McGlone has urged Minister Andrew Muir to take decisive action to protect the environment, rather than launching additional reviews. The comments came after Minister Muir announced a review into environmental governance during an ...
20/11/2024
Alliance Strangford MLAs Kellie Armstrong and Nick Mathison, along with Alliance East Antrim MLA Danny Donnelly, recently visited the tidal research experiment at Queen's University Marine Laboratory (QML) in Strangford. The project, funded by the Centre for Advanced Sustainable Energy (CASE), is ...
19/11/2024
Phoenix Energy has been awarded an international standards accreditation from the British Standards Institution (BSI) in recognition of its inclusive service approach for customers in vulnerable situations. The certification highlights Phoenix Energy's commitment to providing fair, flexible, and ...
19/11/2024
Seating Matters is investing £3.7 million to enhance and improve its manufacturing facilities in Limavady and L'Derry. The company is aiming to support its bold strategy to triple revenue by 2027. Making the announcement while visiting the company's Limavady site Economy Minister Conor Murphy ...
19/11/2024
SDLP Infrastructure Spokesperson Mark H Durkan has urged the Minister and the Executive to take immediate action to address problems within Northern Ireland Water. Mr Durkan warned that the current state of the wastewater system is creating significant delays for infrastructure projects across ...
19/11/2024
Galway City Council will hold a public information evening on affordable housing on Monday, November 25, 2024, from 4pm to 8pm at the Connacht Hotel, Old Dublin Road, Galway. The event will provide an opportunity for the public to learn about how affordable housing operates. Council staff will be ...