NAMA has instigated 117 sets of proceedings. Of that number, 60 are complete. NAMA was successful in all 60 of those cases. The remaining 57 of those cases are ongoing through the Courts.
NAMA has had 31 actions taken against it. Of those, 16 are still active, and 15 are complete. Fourteen of those cases completed resulted in a favourable outcome for NAMA and NAMA was partially unsuccessful in one case.
NAMA is involved in 26 cases of post-judgment litigation. Of those, 13 are complete and NAMA was successful in each of these 13 cases. The remaining 13 post-judgment cases are ongoing.
NAMA has taken over 16 cases from the IBRC Special Liquidators. Of that number, 2 are complete with a favourable outcome to NAMA and the remaining 14 are ongoing.
Since its inception NAMA has incurred €18m in legal fees in respect of fees paid to professional service firms and legal counsel with respect to legal advice. In addition NAMA incurred €14m in respect of legal due diligence fees in connection with acquiring its loan portfolio from the participating institutions, the majority of which was recovered through a reduction in the consideration paid for the loans to the financial institutions.
NAMA has also incurred €36m in borrower recoverable costs. Borrower recoverable costs are principally legal fees which NAMA has incurred on behalf of borrowers; these costs are recoverable in turn from the borrowers as provided in the loan contract security documentation. Where the borrower has available funds and is in a position to repay such costs, NAMA will seek the repayment in cash. To the extent that the borrower does not have available funds and is not in a position to repay the costs, NAMA will add these costs to the borrower’s debt obligations to NAMA. A breakdown of these costs is set out below.
The tables is available as attachment Q130.docx at the top of the web page.
