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07/12/2011
Report Urges Gov To Sell Off Nama
A Government review on the National Asset Management Agency (Nama) has recommended the agency be sold once it has disposed of its loans.
Nama was set up to absorb, pursue and sell off 'toxic loads' being held by Irish banks, taking on some €75 billion of high-risk land and development loans.
However, once its role has been "significantly" completed, the agency should be sold off, according to the leaked findings of the report.
The report is to be published later this week or next week, the Department of Finance said. It is also expected to raise the possibility that the government could sell the agency once it has completed substantial work and built up a valuable skills base.
Nama lost €1.18 billion last year as property prices continued their dramatic fall, and as a difficult 2012 approaches, further losses are anticipated.
The report says if banks don't manage their loans effectively, it is possible they could be brought back into Nama. However, the report said the government could sell the agency once it has completed substantial work and built up a valuable skills base.
(DW)
Nama was set up to absorb, pursue and sell off 'toxic loads' being held by Irish banks, taking on some €75 billion of high-risk land and development loans.
However, once its role has been "significantly" completed, the agency should be sold off, according to the leaked findings of the report.
The report is to be published later this week or next week, the Department of Finance said. It is also expected to raise the possibility that the government could sell the agency once it has completed substantial work and built up a valuable skills base.
Nama lost €1.18 billion last year as property prices continued their dramatic fall, and as a difficult 2012 approaches, further losses are anticipated.
The report says if banks don't manage their loans effectively, it is possible they could be brought back into Nama. However, the report said the government could sell the agency once it has completed substantial work and built up a valuable skills base.
(DW)
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