NAMA To Sell $42B Overseas Loan Portfolio
Ireland’s National Asset Management Agency is seeking to raise $42.1 billion by selling its overseas loan portfolio.
Ireland’s National Asset Management Agency (NAMA) is seeking to raise $42.1 billion by selling its overseas loan portfolio, Bloomberg reports. The loans are likely to be sold on a borrower-by-borrower basis instead of the usual method of selling loan tranches. The Dublin-based agency is expected to classify the loan portfolio by debtor or geography.
NAMA was established by the government to relieve Irish banks of money-losing real-estate assets. It intends to sell debt of face value $98.21 billion by 2019. The agency is planning to appoint advisers to assist in selling its $640 million U.S. and $41.38 billion U.K. and European loan portfolios.
Click here for the story from Bloomberg.