Nama negative equity plan delayed

THE NATIONAL Asset Management Agency’s negative equity protection plan for residential properties is now expected to be ready by April. It had been expected by next month.

The scheme has been approved by Minister for Finance Michael Noonan and is awaiting the approval of the European Commission, the agency’s chairman, Frank Daly, said last night. Mr Daly, speaking at the annual general meeting of the Dublin Chamber of Commerce, also said the agency is to widen the criteria for its vendor financing scheme, where it will make finance available for vendors buying Nama property.

On its dealings with its debtors, Mr Daly said that the agency had already obtained charges over assets with an aggregate value of €221 million owned by some of its debtors. These could include unencumbered properties or deposit accounts. It has also reversed the transfer of €160 million worth of assets by debtors to relatives and other parties.

In total the agency expects to obtain up to €500 million in fresh security for its loans from a number of debtors.

To date, Nama has assessed 600 individual business plans, representing 95 per cent of its total loan book, and has approved asset sales valued at more than €7 billion.

Mr Daly said that Nama was constrained from disclosing detailed information due to its commercial mandate.

Meanwhile, Patrick Coveney, chief executive of Greencore, urged businesses to remain resilient in the face of economic crisis.

In his inaugural address as president of the Chamber of Commerce, Mr Coveney highlighted the work of the chamber in promoting and developing Dublin as a business centre, pointing out that 56 per cent of new foreign direct investment to Ireland in 2011 was made in the county of Dublin.

“We need to make Dublin a more competitive and better place to do business,” he said.

“This will also mean making Dublin a better place to live and visit.”