NAMA expects to get up to €500m in fresh security for loans

National Asset Management Agency chairman Frank Daly expects the agency to receive up to €500m in fresh security for its loans on foot of talks with debtors.

Mr Daly unveiled this projection to those at last night’s annual dinner of the Dublin Chamber of Commerce. He said the agency had made progress in obtaining charges over debtor assets that were previously unencumbered and reversing transfers of assets by debtors to family members.

Mr Daly said: “We have been granted charges over assets with an aggregate value of €221m and have succeeded in reversing asset transfers totalling €160m. We expect that, once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500m.” He rejected criticisms the agency had been slow to make decisions and said he had developed a thick skin since chairing “one of the most controversial bodies ever established here”.