NAMA to fast-track transfer of Anglo loans
By Laura Noonan
Friday September 10 2010
THE National Asset Management Agency (NAMA) may be asked to take over the remainder of Anglo Irish Bank's development loans at a "block discount" to speed up calculations on the bank's funding needs.
The Irish Independent has learnt that the block deal is one of a handful of options being mulled over by the Department of Finance as it battles to bring 'clarity' to Anglo's finances by October.
As things stand, Anglo's loans are being assessed on an individual basis so the bank won't know the hit on the remaining €19bn of loans it's transferring until February, when the final loans migrate to the State's bad bank.
Finance Minister Brian Lenihan this week hinted that Anglo's NAMA process might be fast-tracked to enable the Financial Regulator to rule on the bank's capital requirements "by October", adding that a variety of NAMA options could be considered "in a very short space of time".
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