NAMA ‘will not hoard properties’

A SPECIAL adviser to Finance Minister Brian Lenihan told the country’s auctioneers that NAMA will not hoard properties and that the first loans would be transferred to NAMA from the banks next month.

Dr Alan Ahearne told the Irish Auctioneers and Valuers Institute (IAVI) annual conference in Dublin that he had heard fears expressed over the possible hoarding of the properties that will come under NAMA’s remit.

“Will it hoard those properties? The answer to that is ‘no’. Asset management companies need cash from these properties,” he said.