NAMA in bank talks over financial support for prospective property buyers

NAMA in bank talks over financial support for prospective property buyers
NAMA chairman Frank Daly

NAMA has approached the country's two biggest banks to help secure finance for people looking to buy its properties.

The agency says such a move could ease the concern of potential buyers about their properties falling into negative equity.

NAMA's chairman Frank Daly says preliminary discussions have already been had with AIB and Bank of Ireland and the new initiative could be up and running as early as the autumn.

"The agency has identified a “key impediment” to residential sales in the current market as “a concern on the part of many debtors that prices could fall further and that, after purchasing, they could therefore find themselves in a position of negative equity for a long time to come," Mr Daly told a breakfast briefing of Cork Chamber of Commerce this morning.

"With this in mind, NAMA has had “preliminary” discussions with AIB and Bank of Ireland as to how they and the agency may be able to provide financial support to purchasers of residential properties linked to the Agency or its debtors.

"The agency expects to have “a more detailed engagement” with them on this issue over the coming weeks.

"The agency hopes to be able to unveil a product for purchasers of residential properties with the two banks in the autumn."

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