Belfast Telegraph

Wednesday 16 April 2014

Tale of toxicity: NAMA by numbers

Here is a list of National Asset Management Agency (NAMA) by numbers:

In its first round of loan transfers, NAMA will take more than 1,200 individual loans.

The taxpayer will pay €8.5bn for the borrowings valued at €16bn — almost half price (47%).

NAMA expects to take over loans valued at €81bn.

The first toxic loans were transferred from building societies Irish Nationwide and EBS on Monday.

Bad debts from Bank of Ireland, Allied Irish Bank and the now-nationalised Anglo Irish bank will be moved into NAMA in the coming days and weeks. Remaining bad loans valued from all five covered lenders are to be taken over before next February — the deadline set by the EU.

In the first tranche of |loans, Anglo Irish Bank will transfer €10bn of toxic loans |into NAMA, Allied Irish Bank transfers €3.29bn, Bank of |Ireland €1.93bn, Irish Nationwide €670m and EBS €140m.

A huge proportion of the initial loans are for assets overseas, with €3.2bn worth in Britain.

Some €5.5bn was borrowed for investment property, €1.3bn for land, €0.8bn for hotels, €0.5bn for developments and €0.4bn for residential property for resale.

The difference between what NAMA paid for the loans and the original value given to them by lenders is: AIB, 43%; Bank of Ireland, 35%; Anglo, about 50%; Irish Nationwide, 58%, and EBS 37%.