Belfast Telegraph

Sunday 28 December 2014

Bad bank reveals £86m Ulster sell-off

The National Asset Management Agency (Nama) said it had  approved £123m in new advanced loans to Northern Ireland debtors on its books
The National Asset Management Agency (Nama) said it had approved £123m in new advanced loans to Northern Ireland debtors on its books

The Republic's bad bank has sold £86.6m worth of assets in Northern Ireland since its inception to the end of March.

In its annual results, the National Asset Management Agency (Nama) said it had also approved £123m in new advanced loans to Northern Ireland debtors on its books in that period.

And it said it planned to advance up to €2bn (£1.7bn) in so-called vendor finance to purchasers of commercial property which are on Nama's books. Most of this will be allocated to the Republic but some will also go to purchasers in Northern Ireland.

The agency said its deferred payment initiative, which protects residential property buyers from drops in the value of their houses up to 20%, had seen sales on 146 properties throughout Ireland with a value of €28m (£24m).

It also said it is in discussions with a mortgage provider in Northern Ireland to examine the regulatory feasibility of extending the initiative here.

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