A number of developers had attempted to move up to €130 million worth of loans destined for Nama into other entities in order to prevent their transfer into the agency, the chairman of the National Asset Management Agency has said.
In a statement this evening, Frank Daly said that the agency has since succeeded in reversing this trend, and the developers concerned have either reversed, or are in the process of reversing, the process of transferring the loans out of the reach of Nama.
Nama has overseen the sale of approximately €1.6 billion in assets held by Nama developers since March this year according to the statement. The proceeds of the sales have been used by developers to pay down debts to the agency itself or the relevant banks.
Some of the funds are also being used to pay down debt owed by borrowers to non-Nama banks where they had co-lent on relevant developments.
In an update of the Nama process, the agency has confirmed that 11,000 loans with a total nominal value of €71.2 billion have been acquired by the agency.
The agency has issued bonds with a total value of €30.2 billion in exchange for the loans, representing an aggregate discount of 58 per cent. The five institutions involved are Bank of Ireland, AIB, Anglo Irish Bank, EBS and Irish Nationwide.
While the 11,000 loans so far are held by 850 debtors, the top 30 developers are responsible for 38 per cent, or €27 billion, of the original value of the loans.
The agency has now concluded its review of the business plans of these top 30 developers the statement said.
Meanwhile, AIB today announced that it has transferred a further €9.3 billion to Nama held by 217 customers. An aggregate discount of 59 per cent was applied to these loans.
