NAMA Chairman addresses British Irish Parliamentary Assembly - outlines progress over past year

The Chairman of the National Asset Management Agency, Frank Daly, has confirmed that the Agency has reviewed the business plans of some 40 debtors whose loans account for over €32 billion. Intensive work is ongoing in reviewing the Business Plans submitted by the other major debtors. Mr. Daly was speaking at the British Irish Parliamentary Assembly meeting in Cork.

Outlining progress being made by the Agency, Mr. Daly said that in addition to reviewing the above mentioned business plans, the Agency by end May 2011:

• Has approved sales of some €3.3 billion
• Has advanced more than €810 million of working and development capital to ensure that viable developments can be completed
• Has reduced its debts by over €1 billion over the past 12 months - comprised of some €750 of NAMA bonds which have been repaid by the Agency and a debt of €299 million repaid to the Minister for Finance.
• Has overseen the appointment of 57 receivers/administrators to debtors where the Agency believes that enforcement action is necessary to recover debts owed to the taxpayer.
• Mr. Daly also confirmed that the Agency had declined recommendations from Participating Institutions [the banks whose loans are in NAMA] to appoint receivers in a further 31 cases. Such decisions typically arose where NAMA believed that further analysis should be done in respect of a particular debtor or where NAMA believed that there were other options which should be explored before considering enforcement.