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:
NAMA Wine Lake 
I think the picture in Leitrim, Cavan, Monaghan and Longford was that there were a lot of small time developers. Many would have been below the 5Million Nama limit.
@Eamonn/Brian
NAMA thresholds below which it didn’t acquire loans.
AIB – €20m
Anglo – €5m
Bank of Ireland – €20m
EBS – €0
INBS – €0
Spot on, guys who could not afford sites in good areas. Massive tracks of land were zoned in Louth and the big boys were looking to make a killing here, Niall Mellon and Seamus Ross just to name two.
As for Waterford, How many shopping centers were giving planning there ?
The low amounts in the upper Shannon probably reflect that most here would have been borrowed for 5-10m and not from Anglo so has t been transferred. Which makes one shudder for the state of Aib etc even more
@NWL take a quick look at pg. 21.
EBS and INBS: 0 ? Now what is that about?
@Shinnylites
ANY land and development loan, regardless of value at INBS or EBS was eligible to be absorbed by NAMA.
So if you only owed €20,000 to INBS on a development, then NAMA might have acquired it. I say “might” because it is within NAMA’s discretion as to whether it acquired loans.
@NWL
Could you clarify what the Donegal Valuation means,Is this the value of the Properties the Agency has taken enforcement proceedings or it it the agencys valuation of all assets under control in Donegal
Sheephaven Bay, Carrigart, Donegal, Ireland
Property Type:
Other
Additional Asset Description:
Two 18 Hole Golf Courses
Number of Completed Units:
Single
Understand Properties in Question to be sold
Any truth to this