Nama discounts loans by €477m

Nama paid €477m less to the participating banks to take account of poor documentation associated with bank property loans, Michael Noonan has said.

In a written Dáil response to Sinn Féin TD Pearse Doherty, the finance minister said that arising from reviews of the loans by Nama, “it was necessary to impose appropriate legal discounts”.

“To account for these and to account also for financial obligations identified during the course of legal review, downward adjustments aggregating to €477m were made to the acquisition value paid by Nama on these loans. As a direct consequence, the consideration paid to the participating institutions was duly discounted to take account of poor documentation.”