Review suggests sale of NAMA

A GOVERNMENT-sponsored review has said the Government should consider selling the National Asset Management Agency, one of the world’s biggest property groups, once it has made significant progress in disposing of its loans, a source said yesterday.

The report, commissioned by NAMA, which was created to purge banks of nearly €75 billion of risky land and development loans, also said the agency should consider taking loans currently managed by Bank of Ireland and Allied Irish Banks under its direct control as the banks may not have as much incentive to maximise profit, said the source, who spoke on condition of anonymity.

NAMA lost €1.18bn last year as property prices continue to drop following a bubble that was dramatically punctured by the global financial crisis.