Aengus Ó Snodaigh
Question:142 Deputy Aengus Ó Snodaigh asked the Minister for Finance the month on month percentage transfer of toxic properties to National Asset Management Agency envisioned over the next six months. [5101/10]
View answerWednesday, 3 February 2010
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NAMA was established to purchase portfolios of impaired loan assets from relevant institutions. The draft NAMA business plan published in October set out a projected loan transfer schedule indicating how loans are expected to transfer to NAMA in tranches.
The initial transfer of the first tranche of loans is now envisaged to commence in February, subject to EU approval. NAMA has confirmed the timeline for the subsequent transfer process is expected to be broadly in line with that set out in the draft business plan, though clearly two months later than set out in the plan. The full process should be complete by the end of the third quarter of 2010.