Press Release:  National Asset Management Agency - Management of Loans

24 May 2012

The Office of the Comptroller and Auditor General has today published a special report on the National Asset Management Agency.  The special report was completed by the former Comptroller and Auditor General, Mr John Buckley, prior to his retirement in February 2012.

The report reviews the extent to which the loan acquisition process has been completed and the profile of the collateral underlying the loans. It also looks at how NAMA manages its relationships with borrowers following acquisition of the loans and at the results of its initial debt management activities.

NAMA has been operating for over two years during which it has acquired loans with a face value of €74 billion for around €32 billion from the five financial institutions that participated in the scheme.  At the end of 2011, the valuations had yet to be definitively completed for around €5 billion of loans.

Over half of the loan collateral is property in the State with a further one-third in Britain.  Completed properties account for 71% of the collateral while land accounts for around a further 20%.  Properties in the course of development make up the remaining 9%.

A summary of findings is attached.
 

Notes for Editors
The Comptroller and Auditor General is an independent constitutional officer with responsibility for the audit of public funds.  He reports to Dáil Éireann.
The full text of the report is available on the website of the Office of the Comptroller and Auditor General
For further information about the report, please contact John Riordan at (01) 603 1027 or at John_riordan@audgen.irlgov.ie