A couple of weeks ago, Sinn Fein’s finance spokesperson Pearse Doherty asked Minister for Finance Michael Noonan for the analysis of NAMA’s property by county in Ireland, after two TDs had successfully had questions answered which showed the values for Wicklow and Meath. Sinn Fein was fobbed off with the commitment that NAMA would produce the analysis in its Annual Report, and thus today, we find out how much NAMA has in each county in Ireland.
The values shown above are the November 2009 values, and these are likely to have decreased further since then. Commercial property has declined by an average of 24% since November 2009 according to Jones Lang LaSalle and residential property nationally is down 31% since then according to the CSO. Development property is probably down 20% but no-one produces an index for this property segment.
Having said that, it is surprising that there is very little in NAMA from Leitrim, Cavan, Monaghan and Longford – each with just €5-20m of assets – areas of the country famous for tax-incentive led ghost estates and over-development. Just as surprising perhaps is the relatively high value of assets in Louth (€350m) and Waterford (€175m).
The list excludes NAMA’s assets in Dublin and Cork and shows the split of approximately €5bn of Irish assets by reference to November 2009 values. Deputy Doherty in fact asked for the split amongst the 32 counties on the island, but NAMA seems to have confined its analysis to the Republic only.
UPDATE: 25th July, 2012. The Northern Ireland analysis is in fact in the report and is as follows: