NTMA estimates distribution of toxic loans
The Irish Independent reports that the National Treasury Management Agency (NTMA) has revealed the extent of Irish banks’ toxic loans for assets elsewhere which are “eligible for acquisition by NAMA”. Although the report notes that – “NAMA has yet to say how much Irish banks lent to fund developments on mainland Europe.”
The National Treasury Management Agency (NTMA), which is seeking the valuers, still refuses to say what proportion of assets are development land, vacant properties, investments or hotels. But the agency has, for the first time, indicated how much of the €90bn toxic debt is based abroad. “It is estimated the Great Britain portfolio of loans which may be eligible for acquisition by NAMA is approximately €25bn. No further detail on the composition of this portfolio will be made available at this time,” the agency said. “It is estimated that the USA portfolio of loans which may be eligible for acquisition by NAMA is approximately €3bn.”
I wonder how much is in Northern Ireland.
Got a point David, does GB here mean the UK as a whole, or just “the Mainland”, and if there were a Northern NAMA how big would it need to be?
It seems we could soon be in the situation where the 2 governments will own or controls substancial chunks of of property and business within each others borders. As seems to be the case all ready in Greencore if I read it right the Ulster/RBS/HMG control the largest share at present.
NAMA is tendering for a Derivatives Valuation Service Provider.
While some on IrishEconomy.ie are pitching for TINA as an alternative name for NAMA (given proNAMA pitches in the op-ed columns), I’m opting for NLMA (L being liabilities, obviously) – since if they’re buying the sort of derivatives banks want rid of, there ain’t much asset to be had there.