Q3: NAMA manages €20.4 billion of loans in arrears
New figures show that just 1 in 4 NAMA loans are performing, leaving them having to manage over €20 billion of bad debts.
NAMAs’s quarterly report shows that almost 80% of the loans in arrears are at least four months in arrears.
The agency is faced with having to either restructure the loans or take the matter to the courts.
It is understand that of the top 30 developers in Ireland, NAMA either have already agreed or are close to creating a memorandum of understandings with 12 developers. It is reported that NAMA deny they will allow companies debt forgiveness, but admit that once assets of a developer have been sold ultimately there may be no other way to collect the debt owed.
“Currently we are focused on the next phase of our operations and actively managing out the loan portfolios which we have acquired.”
NAMA chair Frank Daly.
The Q3 report showed NAMA had been “exceptionally busy” according to Daly.
The National Asset Management Agency stated in the report that it had generated an income of over €89.5 million in Q3 up until the end of September. Meanwhile their loan portfolio grew to around €27 billion.
You can read an interesting analysis of the Q3 report on the NAMA Winelake blog here.