EU clears NAMA transfer

THE European Commission yesterday authorise the transfer of the first tranche of assets to the National Asset Management Agency (NAMA).

The Commission said the transfer was “in line with the approved scheme and with its guidance on the treatment of impaired assets”.

“In particular, the transfer satisfied predefined transparency and disclosure requirements, the assets fulfil the criteria for participation in the scheme and their valuation complies with the requirements of the Commission's guidance and results in adequate burden sharing,” it said.