What's next?
The agency has only started the process of valuing the loans.
There are around 14,000 more loans to be examined over the next 11 months.
Each loan must be valued individually and it is only when this process is complete that we will know the average discount on all the loans moving into NAMA.
Other NAMA officials will start evaluating the plans submitted by developers whose loans are already in NAMA's hands.
The agency's officials will decide whether developers who are in arrears on their repayments should have a chance to resume payments or should be hauled before the courts and declared bankrupt.
NAMA, which will become the biggest landowner in the State other than the State itself, will also have to decide what to do with all the surplus property soon to be controlled by the agency.
NAMA will also have to consider whether it makes sense to finish off half-built projects. Those projects which are not completed will be bulldozed.
Irish Independent
