National Asset Management Agency chairman Frank Daly expects the agency to receive up to €500m in fresh security for its loans on foot of talks with debtors.
Mr Daly unveiled this projection to those at last night’s annual dinner of the Dublin Chamber of Commerce. He said the agency had made progress in obtaining charges over debtor assets that were previously unencumbered and reversing transfers of assets by debtors to family members.
Mr Daly said: "We have been granted charges over assets with an aggregate value of €221m and have succeeded in reversing asset transfers totalling €160m. We expect that, once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500m." He rejected criticisms the agency had been slow to make decisions and said he had developed a thick skin since chairing "one of the most controversial bodies ever established here".
Mr Daly said: "We have made 6,000 individual credit decisions since the end of March 2010 and the average turnaround time for credit decisions is less than six days. Clearly there are outliers but this is understandable if the decision being made is complex and there is a lot of taxpayers’ money at risk.
He said NAMA recognised the role it must play as a catalyst for renewing sustainable activity in the Irish property market, through residential and commercial property initiatives.
Mr Daly said NAMA plans to acquire property assets, on an arm’s length basis, from receivers (or from debtors who cede secured property directly to NAMA) and will package them in various combinations which can then be monetised through sale to investors.
Meanwhile, the Government has appointed International Fund for Ireland chairman Denis Rooney, Blackstone’s Gerry Murphy and former HSBC chief executive Michael Geoghegan as the three-man NAMA advisory board.
Monday, February 13, 2012
NAMA expects to get up to €500m in fresh security for loans | Irish Examiner
via examiner.ie
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