I am informed by NAMA that the transfer of assets to it from the participating institutions is now close to completion and that loans with nominal balances of €74 billion have transferred to the Agency and that €32 billion has been paid by NAMA in respect of these loans. The provisions under which the National Asset Management Agency acquired loans are set out in the National Asset Management Agency Act, 2009. The acquisition process is governed by the provisions of Parts 4 to 7 of the Act in particular,
Part 4 provides for the designation of credit institutions as NAMA participants and the designation of bank assets as eligible for transfer;
Part 5 sets out the principles and policies for the valuation methodology;
Part 6 sets out the procedures under which the assets are transferred to NAMA;
Part 7 provides for the appeals processes of which participating institutions may avail
NAMA also provides a description of the loan acquisition process on its website at http://www.nama.ie/about-our-work/step-by-step/buying-a-loan/