NAMA reaffirms commitment to acting responsibly in Northern Ireland

The National Asset Management Agency (NAMA) has today reaffirmed its commitment to acting responsibly and taking account of local market conditions in its approach to managing debtors in Northern Ireland.

Speaking in Belfast today, Ronnie Hanna, NAMA’s Head of Asset Recovery and a member of the Agency’s dedicated Northern Ireland Advisory Committee, said NAMA is living up to its pledges that it will continue to be a responsible and constructive participant in the Northern Ireland property market.

“NAMA has consistently said it will not engage in so-called ‘fire sales’ in Northern Ireland or indeed any other jurisdiction,” said Mr Hanna.

“Proceeds from the sale of Northern Ireland properties within the NAMA portfolio have totalled stg£90 million since the Agency began operating in 2009. This represents approximately 1% of all sales of properties in the NAMA portfolio.”

Mr Hanna said NAMA takes a long-term view of its property assets and that so-called ‘fire sales’ are in no one’s interest.

“Our role is to make sure that sales take place on a phased basis over a measured timeframe. NAMA will continue to play its part in bringing stability to the Northern Ireland property market and our track record to date shows that our actions have been matching our words”.

Mr Hanna also said NAMA:

  • has provided liquidity of stg£100 million in the form of lending to Northern Ireland-based debtors, at a time when traditional bank funding is scarce;
  • plans to assist in the stabilisation of the Northern Ireland market by generating transactions and reactivating the market;
  • is working well with Northern Ireland debtors that are willing and able to co-operate with it and that enforcement action is only considered as a last resort;
  • has developed strong working relationships with key stakeholders in Northern Ireland, including the Minister for Finance and Personnel and his Department; the Northern Ireland Assembly and Business Trust; and a range of public sector bodies;
  • relies heavily on the local input and experience that is available to it through its dedicated Northern Ireland Advisory Committee.

Mr Hanna was speaking at an event hosted by the Chartered Accountants Ulster Society.

 

Notes to editors:

  • Northern Ireland properties account for approximately 4% of the €31.8bn NAMA portfolio*.
  • 46% of Northern Ireland property securing NAMA loans is located in Belfast, with approximately 80% located in counties Antrim and Down. 
  • The Northern Ireland portfolio consists of the following asset types:
Land25%Retail17%
Office18%Other investment property22%
Residential10%Development5%
Hotels3%  

 

*The Northern Ireland properties in the NAMA portfolio had a market value of €1.3bn at November 2009, the reference date for valuing NAMA properties.