Nama recoups €425m from Anglo

Nama has recouped an initial €425m from its exposure to the liquidation of former Anglo Irish Bank.

The Government ordered Nama to pay the Central Bank €12.9bn to buy out part of the regulator’s emergency loans to Anglo Irish as the lender’s wind-up started in February.

The liquidators have repaid €425m to Nama to date, according to a presentation, dated Nov 14, on the Department of Finance’s website.

This includes asset sale proceeds and other receipts, David Clerkin, a spokesman for Nama, said.

The repayment comes as the liquidators at KPMG are in the process of selling most of Anglo’s loans. The book, with a par value of €22bn, is being disposed of in four batches. Nama has been ordered to take over any loans not sold. It will be reimbursed by the Government if the loans are valued independently at less than its €12.9bn outlay.

Anglo merged with Irish Nationwide in 2011 and was renamed Irish Bank Resolution Corp.

A “large portion” of the loan book will most likely end up in Nama, Kieran Wallace, one of the liquidators, said in an interview in September.

They have received 62 first-round bids across 14 tranches for the first portfolio, a small business and corporate loanbook with €2.5bn of par-value loans, according to the finance ministry presentation. Phase two started Nov 11.

More than 100 bidders are carrying out due diligence on €7.8bn of UK commercial property assets ahead of indicative bids being called for Nov 22.


Lifestyle

The Cosmetify Index reveals the cosmetics companies that are generating the most buzz online – and Dubai-based Huda Kattan has the top spot.Huda Beauty tops the 10 ‘most popular’ beauty brands this year

Read the script of Kya deLongchamps’ kitchen-sink drama to set the scene to make an informed choice when selecting this home essentialTake the plunge: Read this checklist before you splash out on your new kitchen sink

SOMETIMES, the journey is more important than the destination. And sometimes, we just want to sit at home eating a bag of jelly beans, while thinking about more jelly beans. Life is only as significant or special as we make it.GameTech: Death Stranding is a divisive, beautiful journey packaged in a cool world

Former Oasis drummer Tony McCarroll tells Richard Purden about the mad times when five Manc-Irish lads became one of the biggest rock bands in the worldNot looking back in anger: Former Oasis drummer looks back at the mad times of one of the biggest rock bands in the world

More From The Irish Examiner