Business Irish

Wednesday 1 October 2014

NAMA made up 22pc of Europe's loan sales

Published 08/05/2014 | 02:30

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Brendan McDonagh

NAMA accounted for 22pc of all European loan sales made so far this year, after a sharp step-up in the pace of disposals by the agency including selling its entire Northern Ireland portfolio.

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So far this year, Irish assets have accounted for the majority (54pc) of assets sold. That is a change from the previous trend, which had seen sales of UK assets dominate the list of NAMA's disposals.

The latest figures are according to NAMA chief executive Brendan McDonagh, pictured, speaking at an event in Dublin yesterday.

NAMA has around €3.5bn of loans up for sale, having already agreed the sale of its Northern Ireland portfolio, and further sales are close to completion including a huge €1.8bn tranche of debts connected to developer Michael O'Flynn.

Additional large loan portfolios not currently on the market are in the pipeline, according to Mr McDonagh.

"There are tangible signs that the Irish property market is recovering," Mr McDonagh said.

In addition to asset disposals, the agency is investing in unfinished and partially complete projects that the agency says could help fill the demand for high-end, large offices and family homes.

According to Mr McDonagh, studies by both government and industry researchers estimate that NAMA could contribute 30,000 construction jobs between now and 2016.

NAMA has approved €1bn of new finance for construction projects in Ireland, of which €600m has been drawn down by developers.

The agency says it has a further €1.5bn available to lend, as well as resources to support vendor finance and joint ventures.

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