REPOSSESSED HOUSES IN DUBLIN:
BANK HOUSE REPOSSESSIONS: County by County
27th May 2024
Carlow
Cavan
Clare
Cork
Donegal
Dublin
Galway
Kerry
Kildare
Kilkenny
Laois
Leitrim
Limerick
Longford
Louth
Mayo
Meath
Monaghan
Offaly
Roscommon
Sligo
Tipperary
Waterford
Westmeath
Wexford
Wicklow
What did NAMA do in Ireland?
NAMA, or the National Asset Management Agency, played a significant role in addressing the impact of the Irish property market crash during the global financial crisis in the late 2000s. Its primary objective was to address the large amount of distressed assets, particularly loans related to property, held by Irish banks. Although NAMA was not directly involved in restoring the housing market, its activities had an indirect impact on the market dynamics. Here are some ways NAMA contributed to the restoration of the Irish housing market:
At its inception, NAMA was set two primary and interrelated tasks: Acquiring land and development and associated loans from five financial institutions (Participating Institutions) so as to remove this systemic risk to the Irish banking system
Can you buy a house from NAMA?
Properties that secure the loans NAMA has acquired are sold by NAMA debtors or the appointed insolvency practitioners. NAMA does not manage the sales process. NAMA guidelines require that all sales are openly
Asset Management and Sales:
NAMA took over a significant amount of distressed property assets from Irish banks. This included repossessed houses, commercial properties, and development lands. NAMA was tasked with managing and, when appropriate, selling these assets to maximize their value.
Portfolio Management:
NAMA actively managed its portfolio to maximize returns. This involved making decisions about when to sell assets, either individually or in portfolios, to achieve the best possible outcome for the Irish government, which had a stake in the success of NAMA.
Market Stabilization:
By managing distressed assets effectively, NAMA contributed to stabilizing the property market. The sale of repossessed houses and other properties helped to bring some stability to property prices, which were highly volatile during the crisis.
Support for Developers:
NAMA worked with developers to find solutions for distressed projects. This included restructuring loans, providing financial support, or facilitating the completion of partially finished developments. By doing so, NAMA aimed to bring more housing units to the market and contribute to meeting demand.
Debt Resolution:
NAMA's role included resolving the debt issues associated with distressed assets. This helped to alleviate the financial burden on individuals and businesses, allowing them to move forward and potentially contribute positively to the housing market.
Influence on Supply and Demand:
Through its management of distressed assets, NAMA had an impact on the overall supply and demand dynamics in the property market. The agency's decisions influenced the availability of housing stock, which, in turn, affected market conditions.
It's important to note that while NAMA played a role in stabilizing the Irish property market, multiple factors contributed to the market's recovery. Economic improvement, government policies, and other external factors also influenced the trajectory of the housing market in Ireland. The effectiveness of NAMA's actions and their impact on the housing market continue to be subjects of analysis and discussion in economic and policy circles.
IrishHouses: Mortgage Debt, Arrears and House Repossession
Disclaimer: Although we will do our best to provide you with correct details, information provided is subject to errors or omissions. IrishHouses.ie is a private blog on the subjects of mortgage debt, arrears and house repossession in Ireland.
We are not affliated with any organisation or private company and all advice and information provided on our website should be checked with the individual companies or organisations involved.
Recent Articles: