Wednesday 16th November 2011. The National Asset Management Agency has today published its quarterly report and accounts for the second quarter of 2011. The documents were laid before the Houses of the Oireachtas by the Minister for Finance earlier today.
The following are the main points of the Quarterly Report for the quarter ending 30th June 2011:
Commenting on the publication of the accounts, NAMA Chairman, Frank Daly, said that they reflected the solid progress being made by the agency. Speaking about developments since the end of the second quarter, Mr. Daly also highlighted two notable developments:
1. In October, NAMA completed the acquisition of the last remaining loans set to be acquired by the agency. The nominal value of the last tranche of loans was €1.9 billion. As a result, NAMA has now completed its acquisition of loans from the five participating institutions. Loan balances totalling €74.2 billion have been acquired since the first tranche of loan transfers in March 2010. Consideration of €31.7 billion has been paid to the institutions.
2. As of end-October, NAMA had reviewed 170 business plans of the 188 debtors whose loans are directly managed by it – these represent 94% (by acquisition cost) of debtor loans under direct NAMA management. In addition, significant progress has been made on the review of business plans of over 600 debtors whose loans are being managed by participating institutions under delegated authority from NAMA. Overall, NAMA expects that it will have reviewed 90% (by acquisition value) of debtor business plans by the end of 2011.