Heritage Time Making the most of our historic assets Observations of NAMA

Transcription

1 Heritage Time Making the most of our historic assets Observations of NAMA Christopher McGarry Planning & Development Advisor National Asset Management Agency 30 October 2012

2 THE LEGISLATIVE ROLE OF NAMA from Section 10 of the NAMA Act 2009, the acquisition from participating institutions of such eligible bank assets as is appropriate, obtain so far as possible the best achievable financial return for the State having regard to the amount paid, plus whatever additional working or development capital costs for the acquired bank assets. 2

3 THE LEGISLATIVE ROLE OF NAMA NAMA is not the owner of the land or development, NAMA does not supplant the functions and obligations of other state bodies such as local authorities, NAMA in effect assumes the role of lender for the security. 3

4 NAMA: What is it? 50% Like a Bank 50% Asset Management 4

5 NAMA AND THE PLANNING SYSTEM from Section 2 (Purposes of the Act) to contribute to the social and economic development of the State, 5

6 NAMA AND THE PLANNING SYSTEM from Section 12 (Powers of NAMA) acquire and dispose of property, make any planning application in relation to land, and intervene in any planning application made by another person, undertake development for the purpose of realising the full value of any asset, 6

7 NAMA AND THE PLANNING SYSTEM In exercising these powers NAMA shall have regard to proper planning and sustainable development as expressed in Government policy and in any guidelines and development plans (within the meaning of the Planning & Development Act). 7

8 ENGAGEMENT a clear approach to communication with all planning authorities. This is to allow queries to be raised and answered or redirected, Meetings with sector organisations (Irish Georgian Society), Meetings with the Department of the Environment, 8

9 ISSUES ENCOUNTERED patience sometimes required in clarifying legal position, agreeing on a practical solution the planning legislation did not envisage such widespread non completion of development, The portfolio size; by necessity collated by borrower rather than use category/property type 9

10 PLANNING WORK AREAS Assessment of policy context and potential change, Sectoral studies, Precedent research, Judgement on planning status, (case by case) 10

11 STRATEGY Management of all assets via an agreed business plan, followed by close and continual monitoring, At all times any responsibility for matters such as building protection is clearly reminded to borrowers/receivers, NAMA is keen to be made aware of any issues via planning authorities, 11

12 STRATEGY NAMA strategy to manage assets intensively means: seeking to ensure the property is not needlessly threatened by a planning or protected building issue, Always looking to improve the planning context of the property, Seeking out new owners through open marketing, 12

13 STRATEGY Clanmil Housing Association partnership at Hilden Mill complex, NAMA s objective to seek out partnerships (in this case social housing sector), Ensuring progress on site protection and development. 13

14 STRATEGY NAMA monitors planning policy change and case precedent, sensible planning projects by borrowers will be supported; NAMA may also instigate proposals, but generally through borrowers/possible joint ventures, we will expect the highest standards of planning and environmental performance by borrowers/joint ventures in such projects. 14

15 CONCLUSIONS We have clear legislative parameters, We are bound by the principles of proper planning, The borrower retains liability, On this issue we have a clear approach to economic and social development it is not in the interest of NAMA to see protected buildings deteriorate, 15

16 THANK YOU Christopher McGarry, Planning & Development Advisor, National Asset Management Agency, Phone: