Nama's sprint for the exit door could be very costly
Published 26/04/2015 | 02:30
The Nama boys were in before the banking inquiry last week. Unlike anybody else likely to give evidence at the inquiry, Brendan McDonagh and Frank Daly had more interesting things to say about the future than the past.
Nama is now running towards the exit door which will see it cease to exist by 2018. It could even wrap up in 2017 if things go well. Nama has been paying back its debts (€30.2bn in senior bonds) at a ferocious rate. It was supposed to pay back €15.1bn by end 2016 but had done so by the end of 2014 - two years early.
In a recovering property market, the faster it sells assets and pays back its debts, the greater the chance of missing out on a better price. Already several deals have come to the fore where Nama sold a building or a loan to an international buyer, at what is shown later to have been a knock-down price.