NAMA TO SELL € 8 BILLION
WORTH OF LOANS BY MID 2016
Since it was set up in late 2009, NAMA has sold
loans worth around € 19 billion to Irish, British and
During the year ending December 2014, it is reported
by the Irish Times newspaper that NAMA completed
the sale of around € 10 billion (in 16
separate financal transactions).
Project Eagle, NAMA's code name of part of its Northern Ireland load book, has a face value of
€ 5.6 billion euros.
Since it's inception in 2009, it is estimated
that NAMA has spent € 32 billion of Irish tax
payers money to purchase loans with a nominal value of
€ 74 billion from major Irish banks, amongst them: Anglo Irish Bank (now merged with the Irish National Building Society. and rebranded as the Irish Bank Resolution Corporation), Allied Irish Banks, Bank of Ireland and the Educational Building Society.
It was reported by the Irish Time newspaper recently (on the 31st January 2015) that NAMA's largest sale to date of € 8 billion (involving 500 NAMA investors) will be divested between now and mid 2016.
This amount of € 8 billion is composed of relatively small amounts of € 75 million or less which NAMA hopes to bundle into a certain amount of larger loan tranches and it is believed NAMA is planning to sell these assets in the wake of renewed confidence in the Irish residential and commercial market by international investors.
The Irish Times also reports that, even it achieves it's projected sale amount of € 8 billion, NAMA will not recover the original amount which it paid Irish banks for these loans around 5 years ago.
This is a summary of an article that appeared recently in the Irish Times Newspaper.