Yesterday, Frank Daly, Chairman of The National Asset Management Agency (NAMA) announced a two billion euro investment programme which he says is in response to demand from foreign direct investors. 

The programme includes significant commercial development in the Dublin Docklands, designed to attract foreign investment and expand the financial services sector. Frank Daly says the demand is there for the Docklands region.

"We hold security over a considerable number of properties and lands on both sides of the River Liffey and are currently assessing the commercial feasibility of a wide range of projects - not least those in the undeveloped part of North Wall Quay in the north Docklands" Chairman Frank Daly said.

"The Dublin Docklands has been a marked success from an investment perspective, already accommodating over 40,000 employees in the technology, banking, financial, commercial law and other service sectors".

"The area is expected to require significant new development over the medium term, particularly of commercial office space, to accommodate the continued expansion of the financial services sector and the creation of new business and technology hubs in the wake of the move by companies such as Google and Facebook to the area" he added.

Savings of €750 million expected

NAMA will also look at developing residential areas where demand exists in towns nationwide.

Mr. Daly says the agency also expects to secure €750 million from its assets.

That is a 50% increase on previous estimates.

Other findings in the latest NAMA document show:

• NAMA has approved sales with a total value of €11 billion since inception. The Agency has completed asset disposals of €7 billion (from 3,900 individual transactions) and is close to completing a further €2 billion. 80% of sales have been in Britain, reflecting favourable conditions and strong demand in that market.
• The Agency is currently overseeing sales of €1.5 billion of property in Ireland through its debtors and receivers. It is also managing the sales of Irish loan portfolios of more than €1.1 billion.
• The Agency has agreed to sponsor a major research programme by the Economic and Social Research Institute (ESRI) to produce, for the first time, comprehensive information on the residential property market in Ireland – such as the key factors influencing the availability and cost of housing over the medium and long term. This project will benefit people buying houses, investors and the construction industry.
• The Agency is providing a €1 billion credit line to the Special Liquidators of IBRC to meet their ongoing funding requirements.