Loan Sales

In the period between 2010 and 2012, assets located in Britain accounted for almost 80% of all NAMA disposals.  Assets located in Ireland, by contrast, accounted for just 12% of disposals during that period.

That approach meant that the Irish market was not overwhelmed with supply at a time when its absorption capacity was low.  In relation to Irish assets, the focus was on asset management to enhance their future disposal value, most notably, by working with debtors and receivers to complete unfinished projects, to fund viable commercial and residential developments and to enhance planning permissions and remove other obstacles to development.

Since mid-2013, improved Irish market conditions have enabled NAMA debtors and receivers to sell a much greater volume of assets at attractive pricing. That, in turn, has enabled NAMA to accelerate its senior debt repayments and thereby progressively reduce the contingent liability of Irish taxpayers.  The value of loans and assets sold as at end-2016 was €32.3 billion.

Examples of NAMA Loan Portfolio Sales in 2016:

Projects Emerald and Ruby

Two multi-connection loan portfolios, totaling about €4 billion par debt and secured by assets predominantly located in Ireland and Britain, were sold to Oaktree Capital in Q3 2016

Project Beara

A single debtor connection portfolio, with a par debt of €230m and secured mainly by Irish retail assets, was sold to Deutsche Bank in Q3 2016.

Project Abbey

A single debtor connection portfolio, with a par debt of €630m and secured by hotels, shopping centres, offices and land located in Ireland, England and Antigua, was sold to Apollo Global Management in Q3 and Q4 2016

Project Tolka

A €1.4 billion par debt portfolio, secured mainly by Irish office and hotel assets, was sold to Colony Capital in Q4 2016.

Project Gem

A €2.7 billion par debt multi-connection portfolio, secured by assets predominantly located in Ireland, was sold to Cerberus Capital Management in Q4 2016.