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Dublin: 03.09.2010 10:04 AM
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Glenisk: Winning with organic food
Gerard Cleary of Glenisk, winners of the SFA National Small Business Awards 2010 talks about the growth of the Offaly-based company

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NAMA loans will face transfer delay - McDonagh

27.11.2009
After a brief hiatus, the Government’s National Asset Management Agency (NAMA) has returned to the headlines this morning, with NAMA’s interim chief executive Brendan McDonagh saying yesterday that while the new agency will be set up within the next two weeks, the first bank loans may not be transferred until the end of January.

McDonagh made his comments yesterday at a conference organised by UCD’s Commercial Law Centre.

The Irish Times reports that delays in processing and approving the transfer of loans to NAMA means the new agency will likely encounter delays at the start of its life. NAMA faces the hefty task of shifting €77bn in loans from the banks’ balance sheets to its own.

McDonagh said the largest NAMA loans may not now transfer to the new agency until the end of January 2010. This is a divergence from the draft NAMA business plan’s schedule, which had pegged these loans to move by the end of the year with the remainder of the €77bn in loans being moved by June/July 2010.

However, according to the Irish Independent, despite the delay in sparking NAMA’s operations to life, McDonagh said he expects the agency to at least break even over the course of its lifetime if the Irish economy begins to grow.

He is also expecting a quick realisation of the 27pc of NAMA assets located overseas as these markets would be likely to recover more quickly than the Irish market.

 

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