NAMA ‘not interested in hoarding assets any longer than necessary’

NAMA has distanced itself from its perceived role as a “toxic bank” saying it has no interest in “hoarding assets longer than necessary”.

In the latter stages of 2010, the agency said it was in discussions to sell off around €500 million worth of property assets. Last week, made its first profit from such a sale, via the €99.9m cash sale (by property company Real Estate Opportunities) of Dublin’s tallest building — the Montevetro — to Google. To date, NAMA has authorised the sale of around €2 billion of property assets and more sales worth between €200m and €300m are expected in the near future (mostly regarding British-based assets).

Speaking at a housing sector conference in Belfast, yesterday, head of credit and risk, Ronnie Hanna said the agency also has a role to play in the stabilisation of the North’s property market.