Nama expected to gain €500m in new security
Frank Daly
The National Asset Management Agency (Nama) said that it expects to gain around €500m in fresh security for its loans following negotiations with debtors.
Chairman Frank Daly made the announcement at the annual dinner of the Dublin Chamber of Commerce this evening.
He said the agency has made good progress in obtaining charges over debtor assets, and reversing the transfer of assets by some debtors to family members.
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 six days.
The Agency has agreed more than 600 debtor business plans (representing 95% of its total loans); approved close to €1bn in advances of working and development capital to debtors; and approved asset sales valued at more than €7bn.
Nama has accumulated cash receipts of €6.2bn by the end of 2011 and ended the year with €3.8bn of liquid assets.
“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”, said Mr Daly.
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