Sunday 11 December 2016

NAMA has 'most' of Anglo's land loan book

Published 02/12/2010 | 05:00

NAMA has taken on "all but a small" part of Anglo's distressed land and development book but won't publish full data on the transfers until "early 2011".

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The news comes two months after the Government ann-ounced plans to fast-track Anglo's Nama transfers in a bid to bring finality to the toxic banks' final costs.

Nama has now taken on all the Anglo loans bar a pile from property developer Paddy McKillen, who is mounting a legal challenge against the transfers, and a small number of others.

The worst-case €34bn bailout costs for Anglo included an average Nama discount of 70pc on the remaining trans-fers, while the "likely" €29bn bailout case includes a 67pc haircut.

Initial soundings suggested all Anglo's Nama loans would be transferred over by the end of October, with final discount figures expected soon after then.

Nama has yet to publish any data on the third tranche of transfers, since the bad bank is now transferring loans by institutions and not in batches.

Data on those valuations is expected to be made available early in the New Year. Valuations for the second transfer were approved by the European Commission earlier in the week.

Irish Independent

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