Skip to main content

Nama Top 10...

Names of top 10 borrowers in first wave of Nama transfers revealed...


ANGLO IRISH Bank will transfer close to €10 billion in loans into the National Asset Management Agency (Nama), accounting for the largest amount owed by the top 10 developers moving to the agency in the coming weeks.

The Irish Times has established the identities of the top borrowers being moved in the first wave of transfers to the State agency.

They are developers Liam Carroll; Bernard McNamara; Sean Mulryan of Ballymore; financier Derek Quinlan; Paddy McKillen, owner of the Jervis Street Shopping Centre; Treasury Holdings, which is owned by Johnny Ronan and Richard Barrett; Cork developer Michael O’Flynn; Joe O’Reilly, the developer behind the Dundrum Shopping Centre in Dublin; Dublin builder Gerry Gannon, co-owner of the K Club golf resort in Co Kildare; and Galway businessman Gerry Barrett, owner of Ashford Castle in Co Mayo and G Hotel in Galway.

More than €16 billion in loans linked to the top 10 are being moved to Nama out of a total of €80 billion being transferred.

The transfer of the top 10 borrowers’ loans has been delayed due to the vast amount of paperwork demanded by the agency.

Nama has told the five participating institutions over recent days that it would not be able to provide a schedule of the first loans to be acquired – and the discount or “haircut” to be applied by the State to the loans – as planned due to delays in the valuation and legal process. The transfers of the top 10 borrowers are expected to be ready by the end of this month, though the Nama plan awaits EU approval.

The scale of the work has delayed the transfer of the top 10 from the initial target of the end of last year.

Anglo is understood to have held up the process as it completes legal paperwork and valuations on a small number of properties owned by the top 10 borrowers.

State-owned Anglo is transferring the largest initial amount among the 10, followed by AIB with about €3 billion and Bank of Ireland with about €2 billion. Irish Nationwide is moving about €1 billion in the first transfers, followed by the EBS building society, which is moving about €900 million into Nama.

The State will buy the loans at a discount which may be higher than the average 30 per cent estimated by the Government last September on the biggest loans.

The discount applied to some institutions is expected to be higher than to others. Properties and assets backing the €1 billion Irish Nationwide loans are estimated to have been assessed over recent weeks at about half that value.

Nama is taking over development loans as well as associated loans secured on assets such as investment properties provided as collateral for development loans.

A significant number of the associated loans are being serviced with repayments by borrowers.

Almost a third of Anglo's loans in the first tranche of 10 are yielding repayments, while more than half of the bank’s loans are associated loans secured on investment properties which are generating cash repayments.


Report by SIMON CARSWELL - Irish Times.

Popular posts from this blog

The State is about to create another housing bubble...

The Irish economy is set to repeat its old mistake of excess mortgage-lending... The run-up to Christmas is always a good time for burying bad news and this year was no different. On the Friday before Christmas, Bank of Ireland announced it was going to have to put more money aside to absorb possible losses on Irish residential mortgages. Just how much more money was not very clear but it would appear to run into several hundred million euro. The statement was extremely technical and did not actually talk about losses or defaults. But the point is clear. The bank had already put aside some money to absorb losses that might occur as a result of people not being able to pay their mortgages. It now seems that more people than expected are going to default and the bank has had to put some extra money aside. It is as timely a reminder as you could hope for that the Irish banks are still broken and still fighting their way through a mountain of problem mortgages as a result of their rec

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

Top property sales 2016 – who bought and sold...

The year saw a shift from D4 to D6 while the country market slowed on the previous year... DUBLIN... Dublin 6 dominated top-end sales this year and, in particular, Dartry. Whereas in other years coastal south Co Dublin and Shrewsbury and Ailesbury Roads have dominated, Dublin 6 and the area around Temple Road have become hot property. Top of the list was the purchase in May of Alston at 19 Temple Road for a whopping €10.225 million when former Paddy Power boss Patrick Kennedy traded up from his home on nearby Palmerston Road. In a quiet off-market deal, the Victorian property, on one acre, was sold by barrister Vincent Foley and his wife, Helen, who have lived there since the late 1980s. Around the corner at 5 Temple Gardens, €6.5 million exchanged hands when the detached redbrick house on a third of an acre owned by the late barrister and former attorney general, Rory Brady, sold in another off-market deal. Not long after Subiaco at 1 Temple Gardens sold for €5.85 million shortly a