The head of the National Assets Management Agency (Nama) has denied claims that they are hoarding land. CEO of Nama Brendan McDonagh was speaking before the Public Account's Committee this morning. He said that the recent public and media discussion on housing has been over simplistic and that as soon as land becomes available and is commercially viable then Nama will act.
"There seems to be a widespread but voracious assumption that any land with residential planning permission which is not actually being developed is, therefore, being hoarded. I can only speak on behalf of Nama but the point applies to others also," he said. "The reality is if you cannot fund a residential site if it is not commercially viable. Does that mean we are supporting hoarding of land? We are not. "I assure you that as soon as a site becomes commercially viable there is no hesitation on Nama's part to fund its development."
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