Transfer of €19bn in loans to NAMA is deferred again
The first transfers of risky property loans into the National Asset Management Agency (NAMA) is now set to drag into March, as the agency has yet to serve asset acquisition orders on banks taking part in the scheme.
It was widely expected that NAMA would serve so-called "acquisition schedules" on the lenders yesterday, giving them seven days to finalise paperwork before a February 26 deadline for the first transfers. It was originally envisaged that loans relating to the top-10 developers in the country -- of about €19bn -- would move to the agency before Christmas.
This has been put back a number of times as lenders struggled to complete a raft of documentation, valuations and legal process.
Meanwhile, it is believed NAMA officials, numbering under a dozen, are struggling to cope with a slew of data from the banks.
Some sources said it was "a grey area" whether the agency had the authority to serve asset acquisition schedules until the European Commission gives its verdict on the scheme.