Brian Lenihan – Finance Minister spoke today about funding shortfalls in the Irish Banks . He said AIB would need to raise €7.4bn by the end of the year to meet targets. It plans to start selling off assets in Poland, the US and Britain to help raise this, but the State will have to […]
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NAMA
Summary of Initial NAMA transfers.
Today – after a few months of waiting and wondering – the minister for Finance announced details of the first wave of bad debts to be transfered from the Irish banks to NAMA (National Asset Management Agency) Just over 1,200 individual loans are involved with a total “book” or nominal value of €16 billion. They […]
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Board of NAMA Announced
The Minister for Finance has today announced the names of the nine members of the NAMA Board. A few more “jobs for the boys” it seems The chairman of the board will be Frank Daly, who was head of the Revenue Commissioners up until March 2009. He was recently working as public interest director at […]
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NAMA Interim Boss Named
Brian Lenihan , Finance Minister, has named Brendan McDonagh, a director at the National Treasury Management Agency (NTMA), as interim managing director of the National Asset Management Agency (Nama). Mr McDonagh, who is director of finance, technology and risk at the NTMA, has been assisting on the development of the Nama plan. The Minister said […]
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NAMA – National Asset Management Agency
The creation of NAMA was first announced in the April 2009 Irish Budget. What is this NAMA and what will it do? The Government line is that NAMA is firstly an asset management company dealing with assets tansferred from banks. NAMA will not be a bank as it will not be taking deposits from the […]
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