Thursday 18 January 2018

NAMA has made €425m so far from the liquidation of IBRC

Finance Minister Michael Noonan has confirmed that a total of 6,500 home loans were not sold as part of a deal to offload IBRC mortgages
Finance Minister Michael Noonan has confirmed that a total of 6,500 home loans were not sold as part of a deal to offload IBRC mortgages
Thomas Molloy

Thomas Molloy

THE National Asset Management Agency said it has made €425m so far from the liquidation of IBRC.

NAMA paid €12.9bn to the Central Bank to buy the floating charge on IBRC loans following February’s special liquidation. The liquidators have repaid €425m to NAMA so far, according to a presentation on the Department of Finance’s website. This includes asset sale proceeds and other receipts, .

The specuial liquidator is currently selling loans with a notional value of €22bn in four batches. NAMA has been ordered to take over any loans not sold. It will be reimbursed by the state if the loans are valued independently at less than its €12.9bn outlay.

A “large portion” of the loan book will most likely end up in NAMA, special liquidator Kieran Wallace said back in September.

Over 100 bidders are carrying out due diligence on €7.8bn of big UK commercial property assets ahead of indicative bids being called November 22, NAMA said. The liquidators are also seeking to sell €1.8bn of Irish residential mortgages and a €10.1bn Irish commercial real-estate book. (Additional reporting Bloomberg)

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