NAMA Chairman provides update on Northern Ireland loans and assets

The Chairman of the National Asset Management Agency (NAMA), Frank Daly, together with Board member and Chairman of the NI Advisory Committee, Peter Stewart, today addressed a special Northern Ireland Chamber of Commerce lunch in Belfast. The Secretary of State for Northern Ireland, Owen Paterson MP, hosted the event in Hillsborough Castle. Other senior NAMA executives together with Frank Cushnahan of the NAMA NI Advisory Committee were also in attendance.

Speaking at the event, NAMA Chairman Frank Daly provided an update on the progress at NAMA over the past 12 months and outlined the extent of the Agency’s Northern Ireland portfolio and its policy towards Northern Ireland assets.

The Chairman explained that loans originating from Northern Ireland account for just 5% of the value of NAMA’s total loan portfolio. He explained that the nominal value of the loans acquired which related to Northern Ireland was approximately STG£3.35BN (€4BN) and was accounted for by 180 debtors in Northern Ireland.

The Chairman said that in addressing issues relating to NI loans in its portfolio, NAMA would seek to help stabilise the market, generate transactions, provide liquidity and encourage phased asset disposals. However the Chairman was clear that the Agency was capable of taking a longer term approach where necessary and reiterated that NAMA was not interested in disposals at fire sale prices.

Finally the Chairman stressed that the Agency was committed to listening to stakeholders in Northern Ireland with a view to devising tailored solutions for the local marketplace: “We want ensure that our approach is appropriately tuned for the Northern Ireland market. We have developed good relationships with policy makers in Northern Ireland.