The BBC notes that “Nama, the bad bank agency set up by the Irish government, is to take over loans originally worth around £3.3bn linked to assets in Northern Ireland.” RTÉ gives the figure revealed today by Peter Stewart, the head of Nama’s advisory committee on Northern Ireland, as a “qualified estimate” of £3.35billion [pdf file] (€4billion) and adds
Mr Stewart estimated that around €2.4bn of the loans were linked to undeveloped land, €1.2bn to investment properties and €400m to projects which were in the course of development.
He said Northern Ireland had experienced its own property bubble in undeveloped land.
Mr Stewart said that while NAMA did not have to sell ‘today, this month or this year’, it did have to operate to a ten-year time scale. [added emphasis]
‘Even over such a period of time it is likely that we will see what was previously viewed as potential development land being sold to go back to farmland.
‘For those builders, developers and also land traders and speculators who got caught up in the frenzy, unfortunately there is going to be financial pain,’ he warned.