NAMA Property website Irish and international property sales

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The National Assets Management Agency (NAMA) is all set to show some of their property portfolio.

Ireland's NAMA to post properties on website
Ireland 's state-run National Asset Management Agency (NAMA), the country's biggest landlord, will publish details of properties it is putting up for sale from next month, its chairman said on Tuesday.
"In a couple of weeks time we will be listing all properties that are with receivers on behalf of NAMA on our website," Chairman Frank Daly told state broadcaster RTE.
"It is a transparent process where anybody can see what properties are for sale and anyone can make an offer, make a bid."
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NAMA was established back in 2009 to help Irish banks account for some of their risky development loans. NAMA has reportedly spent at least 30 billion euros acquiring loans with a nominal value of just 72 billion euros. So far NAMA has only sold 3.3 billion euros worth of properties.

It is prevented by law from releasing details of property loans it has bought unless a receiver has been appointed or the borrower gives his or her consent.
But critics say the agency has shielded its operations from the public and say it is dragging its feet to avoid flooding the Irish property market, which has seen both commercial and residential property prices halve in many areas.

Celtic Tiger developers trying to scam Nama – Enda Kenny
Irish Prime Minister Enda Kenny on Monday called on NAMA to speed up its property sales and called on the management to prove it was not selling properties back to bankrupt developers at low prices.
Taoiseach Enda Kenny said yesterday he was "very concerned" by the suggestions, and said he would ask Finance Minister Michael Noonan to raise the issue with NAMA.
Speaking at the British Irish Parliamentary Assembly in Cork, Mr Kenny signalled his intention to meet finance minister Michael Noonan about the issue.

"I have had some indications of attempts to acquire property that was taken from developers through a variety of methods," he said.
"I hope that Nama are on top of that, and that where Nama have acquired assets that they don't find their way back to where they were acquired from in the first place."
Mr Kenny said he was "concerned" about the alleged attempts of Celtic Tiger developers using different strategies to take back control of their former property empires.
The Taoiseach added he was very anxious that people make offers to Nama for seized properties so they can be put on the market as soon as possible.
He said this would determine a bottom on the property market.
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"There is a provision in the act which prohibits the sale of properties back to defaulting debtors. NAMA is absolutely determined that these provisions will be applied and that will not happen," Daly told Newstalk radio.

NAMA had so far reviewed the business plans of 40 debtors with loans worth 32 billion euros, the agency said in a statement.
Receivers or administrators have been appointed in 57 cases, Daly said, while NAMA has refused requests by banks to appoint

Fianna Fail Senator Mark Daly has claimed several times he believes NAMA is selling some land below market value, but he has failed to supply any proof.

Last month, NAMA signalled it was adopting several mechanisms to support the disposal of its vast property bank and generate cash for the State.
NAMA is negotiating a special loan product with Allied Irish Banks and Bank of Ireland to promote residential property sales and will also help finance investors eager to buy Irish commercial property.
NAMA chairman Frank Daly admitted that the crucial problem facing the property sector was liquidity rather than supply and demand.
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NAMA Chairman addresses British Irish Parliamentary Assembly
Outlines progress at Agency over past year

Tuesday 14th June 2011 - The Chairman of the National Asset Management Agency, Frank Daly, has confirmed that the Agency has reviewed the business plans of some 40 debtors whose loans account for over €32 billion. Intensive work is ongoing in reviewing the Business Plans submitted by the other major debtors. Mr. Daly was speaking at the British Irish Parliamentary Assembly meeting in Cork.

Outlining progress being made by the Agency, Mr. Daly said that in addition to reviewing the above mentioned business plans, the Agency by end May 2011:

• Has approved sales of some €3.3 billion

• Has advanced more than €810 million of working and development capital to ensure
that viable developments can be completed

• Has reduced its debts by over €1 billion over the past 12 months – comprised of
some €750 of NAMA bonds which have been repaid by the Agency and a debt of
€299 million repaid to the Minister for Finance.

• Has overseen the appointment of 57 receivers/administrators to debtors where the
Agency believes that enforcement action is necessary to recover debts owed to the
taxpayer.

• Mr. Daly also confirmed that the Agency had declined recommendations from
Participating Institutions (the banks whose loans are in NAMA) to appoint receivers in
a further 31 cases. Such decisions typically arose where NAMA believed that
further analysis should be done in respect of a particular debtor or where NAMA
believed that there were other options which should be explored before considering
enforcement.
NAMA Property website Irish and international property sales

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NAMA Property website Irish and international property sales