I propose to take Questions Nos. 162, 170 and 172 together.
I am informed by NAMA that it is currently tendering for Investment Management, Custodian and Fund Administration services with a view to establishing a Qualifying Investment Fund (QIF). Preparations are currently being made by NAMA to obtain the requisite regulatory approval and to set in place the appropriate governance and operational arrangements with a view to establishing a number of such funds during 2012.
The proposal emanated from within NAMA and has received approval in principle from the NAMA Board. NAMA advises me that the analysis which was presented to the Board contains commercially sensitive information and it has no plans to publish it.
The proposal would involve NAMA acquiring property assets, on an arm's length basis, from receivers (or from debtors who would cede secured property directly to NAMA) and to package them into various combinations which could be monetised through sale to investors. It is proposed to assemble portfolios based on asset types (office, residential, retail, etc.) or geographical region (Ireland, Dublin, UK, etc.) and to secure international investment based on specialist investor preferences.
It is not envisaged that additional due diligence will be required given the substantial amount of information which has already been collated on loans and on the property assets securing them.
If regulatory approval is granted, the Board will consider issues such as the size of the QIF and its marketing.
It is not envisaged that additional recruitment of staff will be required as the administration and management of the Fund will operate on an arm's length basis from NAMA. As the Fund is intended to facilitate the investment of funds from abroad into the Irish commercial property market, NAMA anticipates that its impact will therefore be positive.