Menu
10/02/2012
NAMA Debtors Expected To Provide Up To €500m In Security
The National Asset Management Agency (NAMA) expects it will be provided with up to €500 million in fresh security for its loans following negotiations with debtors, the Agency's Chairman said.
Speaking at the annual dinner of the Dublin Chamber of Commerce, NAMA Chairman Frank Daly said the Agency had made good progress in obtaining charges over debtor assets that were previously unencumbered and reversing transfers of assets by debtors to family members.
"We expect that once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500 million," said Mr Daly.
NAMA debtors have granted charges over unencumbered assets totalling €221 million so far. The Agency has also succeeded in reversing transfers of assets by debtors to family members and other connected parties totalling €160 million, giving an overall aggregate of €381m.
Mr Daly also said NAMA had made 6,000 individual credit decisions since March 2010 and that the turnaround time for credit decisions was on average less than 6 days.
The Agency has agreed more than 600 debtor business plans; approved close to €1 billion in advances of working and development capital to debtors; and approved asset sales valued at more than €7 billion. NAMA has accumulated cash receipts of €6.2 billion by the end of 2011 and ended the year with €3.8 billion of liquid assets.
Mr Daly said NAMA recognised the role it must play as a catalyst for renewing sustainable activity in the Irish property market, through initiatives aimed at the residential and commercial property sectors.
He said: "Our ongoing engagement with potential investors suggests that there is growing overseas interest in acquiring Irish commercial assets, particularly prime office and retail properties in Dublin with good covenants and attractive yields."
He also provided further details on the Agency's plans to generate cash from its portfolio by establishing an umbrella Qualifying Investor Fund (QIF) aimed at major institutional investors.
Mr Daly said NAMA also plans to acquire property assets, on an arm’s length basis, from receivers and will package them in various combinations which can then be monetised through sale to investors.
NAMA proposes to assemble sub-portfolios based on asset types or geographical region which will be aligned to particular investor preferences.
Overall Mr Daly stated that NAMA is making strong progress despite the difficult economic conditions in Ireland and abroad.
(CD/GK)
Speaking at the annual dinner of the Dublin Chamber of Commerce, NAMA Chairman Frank Daly said the Agency had made good progress in obtaining charges over debtor assets that were previously unencumbered and reversing transfers of assets by debtors to family members.
"We expect that once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500 million," said Mr Daly.
NAMA debtors have granted charges over unencumbered assets totalling €221 million so far. The Agency has also succeeded in reversing transfers of assets by debtors to family members and other connected parties totalling €160 million, giving an overall aggregate of €381m.
Mr Daly also said NAMA had made 6,000 individual credit decisions since March 2010 and that the turnaround time for credit decisions was on average less than 6 days.
The Agency has agreed more than 600 debtor business plans; approved close to €1 billion in advances of working and development capital to debtors; and approved asset sales valued at more than €7 billion. NAMA has accumulated cash receipts of €6.2 billion by the end of 2011 and ended the year with €3.8 billion of liquid assets.
Mr Daly said NAMA recognised the role it must play as a catalyst for renewing sustainable activity in the Irish property market, through initiatives aimed at the residential and commercial property sectors.
He said: "Our ongoing engagement with potential investors suggests that there is growing overseas interest in acquiring Irish commercial assets, particularly prime office and retail properties in Dublin with good covenants and attractive yields."
He also provided further details on the Agency's plans to generate cash from its portfolio by establishing an umbrella Qualifying Investor Fund (QIF) aimed at major institutional investors.
Mr Daly said NAMA also plans to acquire property assets, on an arm’s length basis, from receivers and will package them in various combinations which can then be monetised through sale to investors.
NAMA proposes to assemble sub-portfolios based on asset types or geographical region which will be aligned to particular investor preferences.
Overall Mr Daly stated that NAMA is making strong progress despite the difficult economic conditions in Ireland and abroad.
(CD/GK)
Related Irish News Stories
Click here for the latest headlines.
17 September 2009
Shares Rise As NAMA Debate Continues
The market has reacted positively to the ongoing debate on the National Asset Management Agency, (NAMA). This morning, shares in Irish banks rose in early trading with AIB up 29% in the first 20 minutes of trade in Dublin this morning, to stand at €3.40. Bank of Ireland shares also gained rising almost 17% to stand at €3.
Shares Rise As NAMA Debate Continues
The market has reacted positively to the ongoing debate on the National Asset Management Agency, (NAMA). This morning, shares in Irish banks rose in early trading with AIB up 29% in the first 20 minutes of trade in Dublin this morning, to stand at €3.40. Bank of Ireland shares also gained rising almost 17% to stand at €3.
02 December 2010
NAMA Rejects CIF Report
The National Asset Management Agency (NAMA) has announced it "completely rejects the flawed and one-sided analysis of the Agency published by the Construction Industry Federation (CIF)".
NAMA Rejects CIF Report
The National Asset Management Agency (NAMA) has announced it "completely rejects the flawed and one-sided analysis of the Agency published by the Construction Industry Federation (CIF)".
01 September 2009
Euro Bank Warning Over NAMA Plan
The European Central Bank (ECB) has issued the Irish Government with a warning against overpayment for toxic debts by the newly formed asset management agency. The government's current estimate of €90 billion to buy up unrepayable debts held by Ireland's troubled banks has come under frequent criticism since it was put forward several months ago.
Euro Bank Warning Over NAMA Plan
The European Central Bank (ECB) has issued the Irish Government with a warning against overpayment for toxic debts by the newly formed asset management agency. The government's current estimate of €90 billion to buy up unrepayable debts held by Ireland's troubled banks has come under frequent criticism since it was put forward several months ago.
03 February 2011
NAMA Boss 'Disappointed' In McKillen Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
NAMA Boss 'Disappointed' In McKillen Victory
The top executive in Ireland's toxic assets management agency has this morning described a ruling in favour of developer Paddy McKillen by the Supreme Court as "disappointing". Mr McKillen, who is originally from Belfast, won his appeal against the transfer of €2.
08 September 2009
Fine Gael Reveal Election Priorities
As the second day of the Fine Gael Parliamentary Party meeting in Cavan unfolds, the party has revealed what will its focus issues will be during the next general election.
Fine Gael Reveal Election Priorities
As the second day of the Fine Gael Parliamentary Party meeting in Cavan unfolds, the party has revealed what will its focus issues will be during the next general election.
-
Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
