Loan Portfolio

NAMA1 Thumbnail0The first phase of NAMA’s operation involved the acquisition and transfer of over €71 billion in loan assets involving 850 debtors and more than 11,000 individual loans collateralised by 16,000 individual properties. Approximately two-thirds of the assets backing those loans are located in Ireland and most of the remainder is located in the UK with smaller concentrations in the US and throughout continental Europe. In exchange for these loans NAMA issued Government-guaranteed securities to the five participating financial institutions.

The main factor which determined the price paid by NAMA for acquired loans was the current market value of the collateral (mainly property) securing the loans. Other factors included the adequacy or otherwise of loan documentation, the value of any pledged assets other than property (shares, cash, works of art, etc) and any deficiencies in loan security identified as part of the due diligence process. Taking all factors into account, the consideration paid by NAMA for loans acquired in 2010 was approximately 42% of nominal loan balances, representing an average discount of 58%.

NAMA is an unusual corporate entity in that it begins its life with a very large balance sheet and has been given the task of managing that balance sheet down to zero as soon as it commercially practicable. It must recoup at a minimum all of the expenditure incurred by it on acquiring loans, on advancing working capital and on its own costs. In doing so, it will pursue all debts owed by its debtors to the greatest extent feasible.

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  • Dublin 2,
  • Ireland

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