The National Management Asset Agency (NAMA)
NAMA's main activity is the purchase of loans, bought at a discount, from participating Irish banks. These loans typically come from the banks’ property portfolios, loans secured on development land and property under development that have seen substantial decreases in values as a result of the Irish economic crisis.
It is expected that NAMA will acquire €81bn in eligible assets from five participating institutions as follows:
Institution |
Total € bn
|
Allied Irish Bank (AIB) |
23
|
Anglo Irish Bank
|
36
|
Bank of Ireland (BoI) |
12
|
Educational Building Society (EBS)
|
1
|
Irish Nationwide Building Society (INBS) |
9
|
Total (€bn) |
81 |
Source: Page 20, NAMA Business Plan 30 June 2010.
Management
NAMA's Chairman is Frank Daly. The other board members of NAMA were formally annouced by the minister of Finance in December 2009; Donal O'Connor, Eilish Finan, Michael Connolly, Peter Stewart, Brian McEnery and William Soffe. National Treasury Management Agency CEO John Corrigan is also an ex-officio member of the board. Stephen Seeling, a former IMF advisor, was appointed to the board in May 2010.
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