NAMA warns of pain ahead for developers in the North

THE National Asset Management Agency has warned of financial pain for developers in Northern Ireland whose development land will have to sold off as basic farm land in the years ahead.

NAMA expects that the nominal value of loans it will acquire against Northern Ireland assets will amount to €4 billion.

Peter Stewart, a NAMA director, speaking in Belfast yesterday, said that the bank will have to stick to its 10-year time-scale to achieve its stated aims.