€10bn transfer over to NAMA

NAMA has completed the transfer of the first €10bn tranche of loans from Anglo Irish Bank at a substantial discount of 55%.

Anglo is set to transfer €36bn of property loans to NAMA from a total of €81bn targeted for transfer to the agency.

Loans with an aggregate nominal value of €15.3bn have now been transferred across from five institutions – AIB, Bank of Ireland, Anglo Irish Bank, Irish Nationwide and EBS.

The amount paid was €7.7bn, an overall discount of 50%, a larger discount than that indicated by Finance Minister Brian Lenihan to the Dáil on March 30. The bad loans relate to the 10 largest borrowers with the banks.

The second lot of bad loans will begin to transfer from mid-June involving €8.5bn of loans from the next 20 largest borrowers.

The third is expected to move across in early July.

NAMA has also announced a number of senior appointments.

Graham Emmett becomes head of lending at the agency and joins the bad bank after a period working with Ernst & Young in London, dealing with the liquidation of the real estate loan book of Kaupthing Singer & Friedlander.

Frank O’Connor has been appointed head of treasury at the agency. He has worked in a variety ofroles within AIB since 1990 including the head of trading in the bank’s primary dealer unit.

For the past six years he has held the role of head of Wholesale Treasury, BZ WBK in Poland.

NAMA chairman Frank Daly said that the latest appointments complete the NAMA senior executive team.