NAMA updates position in relation to Northern Ireland loans and assets

The Chairman of the National Asset Management Agency (NAMA), Frank Daly, together with colleagues in the agency, have briefed media in Northern Ireland on the progress at NAMA to date and outlined the extent of the Agency’s Northern Ireland portfolio and its policy towards Northern Ireland assets. Mr. Daly also met with the Northern Ireland Minister for Finance and Personnel, Mr. Sammy Wilson, MLA, MP  and with members of the media.

  • NAMA has acquired loans in Northern Ireland with a nominal (par) value of £3.35 billion (€4 billion).  This represents approximately 4% of NAMA’s total portfolio of acquired loans.  The agency has now effectively completed the acquisition of loans from Participating Institutions.
  • These NI loans are held by 180 individual debtors.
  • The loans are secured by property  which is broken down as follows:
    - Undeveloped Land STG£2 billion (€2.4 billion)
    - Investment – STG£1 billion (€1.2 billion)
    - Property and Land Under Development – STG£350 million (€400 million)
  • In terms of location, the loans held by NAMA are linked to properties across the province.  32% is linked to property in Belfast.  19% in Co. Antrim (excluding Belfast).  10% in Derry (city and county), 7% in Tyrone and a further 7% is in Co. Armagh.

Mr. Daly 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.

The Chairman stressed that the Agency is committed to listening to stakeholders in Northern Ireland with a view to helping devise tailored solutions for the local marketplace; “We want to ensure that our approach is appropriately tuned for the Northern Ireland market.  We have developed good relationships with policy makers in Northern Ireland and other stakeholders and we will continue to listen carefully to what they have to tell us.”