Nama’s Cultural Dividend.

In Blog, Cultureby Rashers Tierney10 Comments


Not content with inflating rent prices across Dublin by selling off apartment complex after apartment complex to our new absentee landlords – Real Estate Investment Trusts – NAMA is now in frightening the bejaysus out of Cork’s artistic community.

The people involved in the Camden Palace arts centre are urgently seeking public support and are fearful for the survival of their building.  NAMA has recently become the new landlord of their building and that means she faces sale.

As they say themselves:

“Our organization has delivered continuous support for the artistic community in Cork for the last five years and is now at risk of being shut down.

Camden Palace Hotel has built a dance studio, theatre/cinema, fully equipped workshops, a traditional dark room, a recording studio and rehearsal room. In addition there are several artist studios, a naturally lit exhibition space, a radio station and printmaking facilities.  Camden Palace Hotel is an independent and not-for-profit arts organisation. We do not receive any funding and work mainly in collaboration with our local community.  Moving premises is not an option.  “

It’s the not the first time NAMA has made a balls of a local community resource centre, early readers of rabble will remember the battle of Smithfield over The Complex. At the time Anarcheologist wrote brilliantly on how:

“NAMA’s ownership of hotels, ghost estates and various other properties both here and abroad has been the subject of extensive comment and there has been some attention paid to the so-called social dividend in terms of the development of a housing strategy. Not surprisingly, the provision of a cultural dividend has received even less attention, despite there being a remit under the NAMA Act (Section 2(b)(viii)) ‘to contribute to the social and economic development of the State’.

The cultural dividend due to the Irish citizen is perhaps as amorphous as the social dividend. Nevertheless, both are enshrined in the current programme for government and Joe Costello has perhaps been the most vocal adherent of the idea that NAMA’s success will not just be measured in pounds, shillings and pence.”

Whatever happened this notion of a social  and cultural dividend from NAMA? Any bar stool economists out there care to fill us in?

The Cork lot have asked for readers to sign this petition.


  1. Stapleton House is also still standing empty – the imminent ‘sale’ somehow fell though – the ‘sale’ that meant NAMA felt obligated to resurrect Padlake Limited (a failed development company, naturally owners and directors had debts wiped out and who were taken on by NAMA a huge salaries), give them a wad of taxpayers cash to clear their debts, obtain an injunction to clear the building, and promptly all shut down again.

  2. They had 5 years to be fundraising, why wait until the inevitable rent review/eviction?

  3. Great people have put so much time and energy into Camden Palace over the years. It’s very sad to see this happen.

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