Monday 23 October 2017

NAMA completes its largest single sale, Project Eagle

Sarah McCabe

Sarah McCabe

The sale by NAMA of a massive portfolio of Northern Irish loans to Cerberus has completed.

It is the largest single transaction closed by NAMA to date and brings the agency a step closer to its goal of winding down.

The loan portfolio, codenamed Project Eagle, had a par value of $4.5bn (€5.4bn).

The assets they were secured are scattered around the North and the Republic, with some overseas, but all were attached to Northern Irish debtors.

"This transaction represents a significant achievement for NAMA.

It is NAMA's biggest single transaction to date and we are satisfied that the sales process will deliver the best possible result for the Irish taxpayer.

NAMA management of this portfolio has been measured and supportive taking into consideration the particular circumstances in the Northern Ireland economy.

We are assured by Cerberus that they will adopt a similar approach” said NAMA chairman Frank Daly.

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