225 Nama debtors paid less than 20pc of loan
NEW figures have revealed that 225 debtors who have exited Nama have done so after paying off less than 20pc of their original bank loans of €27.3bn.
That is according to figures provided the Minister for Finance, Michael Noonan who confirmed that, by the end of last year, 505 debtors have exited having repaid €14.9bn.
The 505 debtors originally owed €27.3bn to various banks and the figures show that 377 debtors or 75pc of the 505 debtors have paid off less than 50pc of their original debt.
The figures provided to Sinn Féin's Pearse Doherty also show that 225 debtors - or 44pc of Nama debtors to exit - exited having paid less than 20pc of their original debts.
The minister, Mr Noonan said that in 61 cases, debtors have repaid 100pc of their original debt.
He said that the 505 debtors who have exited Nama "comprises debtor connections who had reached a final agreement with Nama and debtor connections whose loans had been sold".
The minister said that Nama originally paid €31.8bn to acquire a loan book with a par value - that is an outstanding borrowed amount - of €74bn, comprising 779 debtor connections.
"These loans had a market value of €26.2bn, roughly 35pc of par. It was never envisaged that Nama would recover anything close to the €74bn par value of the loans," he said .
Yesterday, Mr Doherty said that the Nama strategy, under the minister's direction to offload assets earlier than originally planned means that, in many cases, it has been the vulture funds that have benefited from repayments from these debtors in a recovering market.