AIB WILL receive details of the first loans to be acquired by the National Asset Management Agency (Nama) and the discount applied to them over the weekend, according to informed sources.
It is understood that AIB has received loan valuation models from Nama that will allow the bank to calculate the estimated discount on about €3 billion in loans being transferred in the first wave.
Nama will send the final acquisition schedules to the bank by the middle of next week in advance of the transfer of its first loans over Easter, the following weekend.
Bank of Ireland, Irish Nationwide Building Society and EBS building society are poised to move the first loans – linked to the top 10 borrowers – to Nama as negotiations between the lenders and the agency near completion.
The agency is expected to buy the first loans from the three lenders this weekend, though this timeline may still be pushed out.
The three lenders received acquisition schedules from Nama over the past week ahead of AIB and State-owned Anglo Irish Bank.
The loan transfers to Nama will mark the first in a series of announcements next week concerning the losses facing the banks – relating to Nama and non-Nama loans – and the additional capital required at each lender.
Bank of Ireland and Nama are likely to make statements on Monday, announcing the discounted purchase price paid for the loans moved this weekend.
The statements will detail the value of loans acquired by Nama and the value of the bonds issued by the agency to the institutions.
Sources said that Irish Nationwide and EBS were also likely to issue statements on Monday as they must inform bondholders of the writedown on the first loans.
State-owned Anglo is not expected to receive acquisition schedules until the latter half of next week in advance of the transfer of its first loans and those of AIB over the Easter weekend.
Minister for Finance Brian Lenihan will make a statement next Tuesday concerning the capital requirements across the five lenders participating in Nama.
This will coincide with a Financial Regulator–Central Bank statement on long-term capital thresholds to be reached by the banks.
Bank of Ireland is today expected to announce the date of publication of its results for the nine months to December 31st, 2009. The results must be published in the first half of next week.
Anglo is planning to announce financial results for the 15 months to end of last year on Wednesday.
Irish Nationwide must await EU approval for a State capital injection before announcing its 2009 results, though this is believed to be imminent. Approval is required as it is expected to post losses of over €2 billion, forcing it to take a State bailout.
Meanwhile, the EU has signalled to Bank of Ireland it may need to sell assets in the UK to win approval for its restructuring plan.
However, sources said it was unlikely that Brussels would force the bank to sell out of its valuable joint venture with the British Post Office. The bank may be forced to sell its €5 billion UK business loans and €32 billion mortgages to win approval for its viability plan.
