THE GOVERNMENT expects that all loan transfers to the National Asset Management Agency (Nama) will have been completed by mid-2010.
The transfer process is to take place in instalments with the largest 10 to 15 borrower exposures expected to be transferred to Nama by the end of 2009.
- September/October 2009
Nama will identify the largest 150 borrowers’ exposures, which will be the first to be acquired by the agency as they prepare for initial loan transfers.
Detailed discussions will be held to agree arrangements for the transfer of loans.
Recruitment for key senior positions within the agency will take place.
Briefing materials for the board of directors, including a draft business plan, will be prepared before the likely establishment of the Nama board in November.
- November/December 2009
Contracts, including those dealing with legal services and property, loan and derivatives evaluation, will be awarded and the positions of audit co-ordinator and master servicer will be filled.
Asset evaluation and transfer will begin, starting with the largest 25 borrowers.
Arrangements will be made to issue Government securities; including Nama subordinated debt, as consideration for acquired loans.
Nama will evaluate business plans put forward by borrowers including:
– a clear and comprehensive account of the borrower’s total exposure;
– detailed analysis of the borrower’s total portfolio, and
– development of a credible plan for management of their portfolio with prioritisation of developments which are expected to yield cashflows.
Nama will then obtain board agreement to the plan and review it at regular intervals.
- January/June 2010
Some borrower exposures will be transferred from the participating institutions by the end of March and all borrower loans will be transferred by the end of June.
Staff recruitment will be completed. This will bring to between 70 and 80 the number of staff employed by Nama.