Business Irish

Tuesday 20 August 2019

Donohoe extends Nama's life till 2025

Finance Minister Paschal Donohoe (Niall Carson/PA)
Finance Minister Paschal Donohoe (Niall Carson/PA)

David Chance

Minister for Finance Paschal Donohoe has extended the life of the National Asset Management Agency to 2025, in a decision that he said would allow it to work through a small number of remaining loans.

Nama paid €32bn to buy up €72bn of bad bank loans against property after the crash and had been due to end its life in 2021.

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The agency has said it expects to return another €4bn to the State, having already repaid €30.2bn.

In his statement Mr Donohoe said: "In recognition of the important role that Nama's social housing vehicle, Narps, makes to this sector, I am directing the board of Nama to retain ownership of Narps so that the vehicle will form part of the assets to be transferred to the State once Nama has completed its deleveraging activities, thereby preserving a secure long-term portfolio of social housing into the future.

The European Competition Commission approved the plan.

Irish Independent

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