Monday 26 September 2016

Nama employee faces foreclosure threat

Published 12/06/2016 | 02:30

Cerberus has purchased €18.75bn in Irish property loans, covering 16,500 properties, in the last two years Stock photo: PA
Cerberus has purchased €18.75bn in Irish property loans, covering 16,500 properties, in the last two years Stock photo: PA

Cerberus Capital Management, the US private investment group best known for its €1.6bn purchase of Nama's Project Eagle group of loans, is poised to foreclose on a Nama employee whose loans were transferred to the so-called "vulture fund".

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The Nama employee is one of thousands of professionals who are engaged in pre-legal discussions with a variety of vulture funds who specialise in the management of distressed assets.

The foreign funds, many of whom are finalising arrangements with local credit servicing firms, are now actively managing property loans and other assets bought at large discounts from Nama and Irish banks.

Up to 90,000 loans are owned by such funds.

Cerberus has purchased €18.75bn in Irish property loans, covering 16,500 properties, in the last two years.

Nama employees are required to provide the agency with a declaration of their assets and liabilities when they take up employment.

They are also required to update in the event of any material change to their position.

It is understood the Nama employee has made all appropriate declarations and is liaising with Cerberus through an independent third party.

Sunday Indo Business

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