Bloomberg News

Ireland’s NAMA Seeks Advisers on U.S. and Europe Loan Sales

September 29, 2011

(Updates with CEO’s comments in third paragraph.)

Sept. 29 (Bloomberg) -- Ireland’s National Asset Management Agency is seeking to hire advisers to help sell its U.S. and European loan portfolios.

NAMA is likely to appoint six advisers in Europe and four in the U.S., the Dublin-based agency said in documents published yesterday.

“Loan sales will form a major part of our strategy going forward, now that we are almost through the debtor business plans and now that we’ve gleaned considerable knowledge about the assets and the debtors,” NAMA Chief Executive Officer Brendan McDonagh said in a speech in Dublin today.

NAMA acquired 71.2 billion euros ($97 billion) of assets from Irish banks in 2010 and 2011 and expects to obtain 1.9 billion euros more in the fourth quarter, according to the documents, which were distributed to potential advisers. It plans to sell 25 percent of its loan book by the end of 2013, according to its business plan posted on its website.

NAMA has acquired about 600 million euros worth of loans linked to assets in the U.S. and 30 billion euros of loans related to assets in the U.K. and Europe, the agency said in a statement today.

The market value of its U.K. property portfolio was 8.2 billion euros in November 2009, according to NAMA’s 2010 annual report. Property in the rest of Europe was valued at 1.5 billion euros and in the U.S. and Canada was 300 million euros.

NAMA is seeking advice on the “overall planning, strategy, timing and tactics for the loan sale,” NAMA said in the documents. The advisers would also provide guidance on the “credibility of different bids.”

--Editors: Jeff St.Onge, Ross Larsen

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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