Saturday 18 November 2017

Nama nation: The who, what, where, when and how

The following information has been gleaned from extensive searches conducted by the Sunday Independent at the Property Registration Authority (PRAI).

The details that follow cover approximately 70 per cent of the loans on property in Ireland taken into Nama as part of its Tranche 1 & 2 transfers from banks covered by the State Guarantee (ie Anglo Irish Bank, AIB, Bank of Ireland, Irish Nationwide and the EBS).

These mortgage charges relate to the development and associated loans of 27 of the country's biggest developers and businesspeople, and are distributed across 15 counties. It is worth noting that under the terms of the National Asset Management Act 2009, Nama has the power to order the sale, or to appoint a receiver to any property asset over which it holds the mortgage charge without recourse to the courts.

Where issues have arisen in relation to proper title, the PRAI has referred these back to Nama for it to consult with the relevant lending institution. This has caused delays in having the mortgage charge assigned to Nama at the Property Registration authority.

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