Banking on NAMA - October 2009
On Wednesday, 30 September, Tughans held an important conference on the future of the Irish Property Market both North and South.
The 300 assembled guests heard the various speakers outline the possible implications for both property markets following the introduction of the Irish governments, National Asset Management Agency (NAMA).
In summary, NAMA is a government sponsored entity established with the remit to acquire impaired property and development loans advanced by Banks operating within the Irish market. Initially, it will be available to indigenous Irish Banks, although there are provisions to allow foreign-owned Banks operating within Ireland to apply for consideration.
NAMA will purchase the impaired assets from the Bank and in the process will receive security over the property/ land involved. The premise behind the purchase of the impaired assets is that by removing the impaired (or “bad”) loans from the Banks involved that this will free up their balance sheet and allow them to recommence lending again. Whether this actually happens remains to be seen.
The conference speakers included:
Tracey Schofield, property partner, Tughans
- Rossa White, Chief Economist, Davy Stockbrokers
- Andrew Muckian, property partner, William Fry
- Paul Murray, partner, William Fry
- Fearghal O’Loan, head of banking, Tughans
If you would like to find out more about NAMA and how it may impact on your business, please do not hesitate to contact either Tracey Schofield or Fearghal O’Loan.