Ireland’s National Asset Management Agency, set up in 2009 to purge the country’s banks of their riskiest assets, plans to make “significant investments” in office space in the Dublin docklands area.
NAMA Chairman Frank Daly said in a statement today the developments, part of a 2 billion-euro investment program, will be to meet demand in the financial services and technology industries.
The agency has completed the sale of 7 billion euros of assets, and is “close to completing” a further 2 billion euros, he said. Eighty percent of the sales have been in Britain, according to Daly.
NAMA is currently overseeing sales of 1.5 billion euros of Irish property and managing the disposal of more than 1.1 billion euros of Irish loans, according to the statement.
The agency is providing a 1 billion-euro credit line to the liquidators of the former Anglo Irish Bank Corp., Daly said. The size of NAMA’s balance sheet may increase by as much as 50 percent depending on the size of the loan transfers from the failed bank to the agency, he said.
To contact the editor responsible for this story: Finbarr Flynn at firstname.lastname@example.org