THE NATIONAL Asset Management Agency (Nama) has completed the transfer of the first tranche of loans from the five participating financial institutions after taking over €9.3 billion in the loans of the 10 biggest borrowers from Anglo Irish Bank.

Nama has acquired loans with a face value of €15.3 billion from State-owned Anglo, Allied Irish Banks (AIB), Bank of Ireland, Irish Nationwide Building Society and EBS for €7.7 billion, representing an overall discount of 50 per cent on the first tranche of purchases.

This is higher than the 47 per cent discount estimated in March due to a discount of 55 per cent – higher than the 50 per cent estimated that month – on the first €9.3 billion in loans from Anglo.

Nama had planned to buy €10 billion in loans from Anglo initially but has delayed the purchase of €700 million in loans due to poor loan records and security.

Nama will buy €13 billion in loans in the second tranche of purchases from the lenders, which the agency plans to complete by the end of next month, and some €8.5 billion in the third wave of loans.

All €81 billion in loans earmarked for transfer must be acquired by the end of February 2011. Nama was set up by the Government last year to buy toxic property loans from the lenders.

The agency confirmed the appointments of Frank O’Connor, an AIB executive, as head of treasury and Graham Emmett as head of lending, completing Nama’s senior executive team.

Mr O’Connor has been head of wholesale treasury at AIB’s Polish subsidiary, Bank Zachodni WBK, for the past six years. Mr Emmett worked with Ernst Young in London dealing with the liquidation of the property loans of the Icelandic-owned Kaupthing, Singer Friedlander.

Peter Malbasha has been appointed a portfolio asset manager at Nama, joining from Irish Nationwide where he was a senior lending manager. He previously worked at KPMG, Anglo and property company Lark Developments.