NAMA set to take over first tranche of loans

IT is expected that the transfer of the first tranche of bad bank loans to the National Asset Management Agency (NAMA) will happen shortly.

Up to €16 billion is due to move across in the initial wave of loans and the Department of Finance confirmed this will happen “in the coming weeks”.

A department spokesman confirmed yesterday it expected clearance for NAMA to be given by the European Commission within a similar time frame, while the possibility of transfers being completed by the end of the month has not been ruled out.

The department could not confirm the size of the transfers reported yesterday in a Dublin newspaper.

NAMA has a policy of not commenting on its dealings with the stressed Irish banks.

Anglo Irish Bank, now in the hands of the state, is set to account for €10bn of the initial transfer of loans to the bad bank involving the top 10 borrowers in difficulty with their repayments.

Apart from Anglo, AIB is due to transfer €3bn and Bank of Ireland €2bn.

Irish Nationwide will place €1bn, followed by the EBS building society with under €1bn.

Developers named in the top 10 include Liam Carroll, Sean Mulryan of Ballymore, financier Derek Quinlan and Bernard McNamara.

Treasury Holdings and Joe O’Reilly are also understood to be on the list.

The transfer of the top 10 borrowers’ loans has been delayed due to the vast amount of paperwork demanded by the agency.

A significant number of the associated loans are being serviced with repayments by borrowers.

Almost a third of Anglo Irish Bank’s loans in the first group of loans are reported to be yielding repayments.


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