NAMA CHRONOLOGY: APRIL 2009 - APRIL 2013
| Apr 2009 | Minister for Finance announces a Government decision to establish NAMA on a statutory basis.
The Minister sets NAMA the core objective of 'maximising over time the income and capital value of the assets entrusted to it'. |
| May 2009 | Mr. Brendan McDonagh appointed Interim Managing Director of NAMA on 5 May. |
| Jul 2009 | Draft of proposed NAMA legislation is published. |
| Sep 2009 | The National Asset Management Agency Bill 2009 ('NAMA Bill 2009') is published and introduced in the Oireachtas. |
| Oct 2009 | NAMA Draft Business Plan published.
Second Stage of NAMA Bill 2009 completed in Dáil Éireann. Eurostat announces its preliminary decision that the operations of NAMA should be recorded outside the general government sector in the Irish national accounts. |
| Nov 2009 | President signs the NAMA Bill 2009 into law. |
| Dec 2009 | NAMA formally established on 21 December 2009.
The Minister announces the composition of the NAMA Board and appoints Mr. Frank Daly as Chairperson and Mr. Brendan McDonagh as CEO. |
| Jan 2010 | Four committees of the Board established (Audit, Credit, Finance and Operating and Risk Management) in addition to two advisory committees (Northern Ireland and Planning). |
| Feb 2010 | NAMA scheme receives formal approval from EU Commission at the end of February. |
| Mar 2010 | First loan transfers from the Participating Institutions ('PIs') at the end of March.
Minister makes a Section 46 loan advance of €299m to NAMA. |
| May 2010 | Transfer of Tranche 1 loans (nominal value of €15.3 billion) completed.
The Minister for Finance makes a Section 14 Direction concerning the issuance of government-guaranteed debt by NAMA. |
| Jul 2010 | NAMA publishes its Business Plan and its Annual Statement for 2010.
NAMA staff numbers reach 54. |
| Aug 2010 | Transfer of Tranche 2 loans (nominal value of €11.9 billion) completed.
EU Commission gives formal approval to the transfer of the first tranche of loans. |
| Sep 2010 | NAMA establishes a €2.5 billion Euro-Commercial Paper Programme.
Cumulative asset sale approvals: €1 billion. |
| Oct 2010 | Loan of €250m (under Section 46) repaid to the Minister for Finance.
The Minister issues a Section 14 Direction to NAMA to expedite the acquisition of remaining loans from the participating institutions. |
| Nov 2010 | Comptroller and Auditor General ('C&AG') publishes a Special Report on NAMA Acquisition of Bank Assets. |
| Dec 2010 | A bulk transfer of loans with a nominal value of €44 billion is completed. Total acquisition to date of €71.2 billion.
Cumulative asset sales completed: €400m. NAMA staff numbers reach 104. |
| Feb 2011 | The balance (€49m) of the Section 46 loan from the Minister for Finance is repaid. |
| Mar 2011 | €250m of NAMA Senior Bonds redeemed.
Cumulative asset sale approvals: €2.5 billion. Additional loans totalling €1.1 billion acquired. |
| May 2011 | €500m of NAMA Senior Bonds redeemed.
The Minister issues a Section 14 Direction amending the terms and conditions of the Senior Notes issued by NAMA |
| Jul 2011 | Publication of 2010 Annual Report.
NAMA staff numbers reach 145. |
| Aug 2011 | List of enforced properties published for the first time. |
| Sep 2011 | €500m of NAMA Senior Bonds redeemed (Cumulative redemption: €1.25 billion). |
| Oct 2011 | Completion of loan acquisitions with a final tranche of €1.7 billion, bringing total volume of acquired loans to €74 billion. |
| Dec 2011 | Cumulative asset sale approvals: €7 billion.
Cumulative asset sale completions: €4 billion. NAMA staff numbers reach 202. |
| Feb 2012 | NAMA announces a reorganisation of functions and a number of senior executive appointments. |
| Mar 2012 | Two Section 14 Directions issued to NAMA by the Minister:
1. Direction to NAMA to adopt all reasonable measures to facilitate the operation of the Ministerial Advisory Group. 2. Direction to NAMA to facilitate the short-term financing of IBRC to an amount of €3.06 billion. Minister announces the appointment of Mr. John Mulcahy (Head of Asset Management) as a member of the Board. |
| June 2012 | €2 billion of NAMA Senior Bonds redeemed (Cumulative redemption: €3.25 billion). |
| July 2012 | Publication of 2011 Annual Report.
NAMA reports a profit, after tax and dividends, of €241m for 2011. Cumulative asset sale approvals: €10 billion. Cumulative asset sale completions: €5.3 billion. |
| Dec 2012 | €1.5 billion of NAMA Senior Bonds redeemed (Cumulative redemption: €4.75 billion)
NAMA staff numbers reach 224. NAMA total receipts reach €10.6 billion since inception (disposal and non-disposal receipts). Non-disposal and other income reaches a cumulative €3.8 billion. Cumulative asset sale completions: €6.8 billion. Cumulative asset sale approvals: €11.7 billion. |
| Feb 2013 | As part of the IBRC liquidation process, NAMA establishes an SPV (National Asset Resolution Ltd.) for the purpose of acquiring the Central Bank's floating charge over certain IBRC assets.
The Minister announces that NAMA will acquire from mid-2013 any loans in the IBRC portfolio which remain unsold after a valuation and sales process conducted by the Special Liquidators. |
| Mar 2013 | Announcement of the appointment of Capita Asset Services ('Capita' or 'Master Servicer') as primary and special loan servicer over NAMA loans (€41 billion in par debt) previously managed by IBRC.
Tender launched for primary and special servicer(s) for the loans that may be acquired from IBRC from mid-2013. NAMA issued €12.928 billion in Senior Bonds to the Central Bank as consideration for acquiring the Bank's floating charge over certain IBRC assets. |
| April 2013 | Minister announces the appointment of Mr. Oliver Ellingham as a member of the Board with effect from 10 April 2013. |