- From the Minister for Finance Brian Lenihan’s statement this morning.
New NAMA adjustments
1. Loans of less than €20m not being transferred now .
2. NAMA debtors to drop from 1500 to 850
3. NAMA to abandon tranches, replaced with one remaining tranche per Participating Institution (PI – AIB, Anglo, BoI, EBS, INBS) Irish Nationwide Building Society
4. Anglo tranche to be transferred by end of October 2010
5. Loan-by-loan due diligence to continue
6. EU consulted and advised – (But it got EU approval ?)
7. Loss of sub-€20m loans to reduce NAMA portfolio from €80bn at par value to €73.4bn
8. A 67% haircut expected on remaining Anglo tranche of €19bn (remaining Anglo tranche of €19bn plus T1+2 = €35bn and Anglo was supposed to be selling loans and sub €20m loans are now excluded – is €19bn right?)
9. Large increases in estimates of haircuts remaining tranches – Anglo 67%, AIB 60%, BoI 42%, EBS 60%, INBS – not shown (why?)
source http://namawinelake.wordpress.com/author/namawinelake/
