NAMA moving soon

NAMA, Ireland’s agency that is planning to buy billions of euro-worth of real estate loans from the big Irish banks, has said it will be taking in €19b in loans from the country’s top ten borrowers.

Among the first who…will see their loans move to Nama are the Johnny Ronan and Richard Barrett-backed Treasury Holdings; Liam Carroll; Seán Mulryan and his company, Ballymore; Dublin housebuilder Gerry Gannon; Castlethorn’s Joe O’Reilly, developer of the Dundrum Shopping Centre; and Michael O’Flynn of O’Flynn Construction in Cork.

NAMA will be examining the business plans for each of the assets and deciding what the best course of action for them will be, meaning develop, manage, hold onto or sell. This is further indication that the assets included in the program will range from successful, to feasible, to flops.

“The good, the bad and the ugly will be going in,” said John Bruder, managing director of Treasury Holdings. “There is no shame in being a Nama client no matter how good or how modest your property development loan is, once it is over €5 million.” Mr Bruder said he expects Irish bank loans owing by Treasury and its various subsidiaries to be among the first wave. The company’s main Irish banks are AIB, Bank of Ireland and Anglo Irish Bank, who have joined the “bad bank” plan.

Also, there’s some interesting reading here on the fate of AIB.

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