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.
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