Ipav calls for Nama loans rethink

Auctioneers have reiterated their call on Finance Minister Michael Noonan to rethink the sale of Nama assets, saying it is time to scrap the sale of the €7.2bn Project Arrow loans, the largest auction by the agency to date.

Pat Davitt, chief executive of the Ipav, the Institute of Professional Auctioneers and Valuers, said the minister should instead scrutinise the loans and properties to investigate whether Irish investors could purchase the loans, rather than being sold to foreign funds.

IPAV believes the Project Arrow portfolio is not only the biggest sale, but likely to contain the largest amount of residential property loans.