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NAMA says it will move quickly against unpaid loans

But insists its business plan is on track.

Brian Lenihan left with NAMA chief Brendan McDonagh
Brian Lenihan left with NAMA chief Brendan McDonagh
Image: PA Wire

NAMA says its business plan is very much on track.

Speaking at the Richard Cantillon School of Economics in Tralee, the agency’s CEO, Brendan McDonagh, said NAMA was determined to meet its targets. McDonagh said 25% of all outstanding loans should be paid off by 2013.

The NAMA chief also said that NAMA is prepared to take proceedings against borrowers, if necessary. He said if borrowers are incapable or unwilling to repay loans “we will move quickly to enforcement proceedings,” according to RTÉ News.

McDonagh has also said that NAMA is an example of best practise in Europe. Daniel Barr, who helped resolve the Swedish banking crisis in the 1990s, said the crisis requires a strong prompt resolution that is transparent and hits subordinated debt holders. Barr also said that wind-downs are required.

NAMA is currently in discussions to sell €500m worth of property, it has also completed tenders for solicitors and insolvency practitioner services.

Follow the discussions @CantillonSchool on Twitter.

About the author:

Daire Hickey

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