NAMA Securities & Tranches



Social Conscience

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Something doesn't add up here but been out by only €9 BILLION is excellent for a government appointed agency.

Any idea why either document is not date stamped/electronically stamped?
 

MsAnneThrope

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Well spotted. With everything else going on and Mary Byrne's success on X-Factor maybe our media had no room.

Hopefully NAMAWinelake can elaborate. He/she did have this article on September 28th:

With NAMA saying as late as last week that it expected to effect the transfer of Tranche 3 of the loans from the five NAMA Participating Institutions (the PIs – AIB, Anglo, BoI, EBS and INBS) by the end of September, 2010 anticipation is growing to see what surprises this Tranche will reveal. Here are five things to look out for: [...]

The par value of the loans being transferred. NAMA has been consistently saying that the par value will be €12bn with €4bn from Anglo, €3bn apiece from AIB and INBS and €2bn from BoI and practically nothing from EBS
NAMAWineLake, September 28th 2010: NAMA Tranche 3 – five things to look out for

Also from NAMAWineLake, on November 8th: The Tranches

8th November, 2010. The Irish Examiner is reporting that AIB has transferred €3bn of loans with a 60% haircut which would leave “just over €10bn of AIB’s loans now remain to be transferred to the agency on a phased basis by the end of the year.” The bank says that the loans relate to 20 customers. 9th November 2010. AIB is now reporting that it has transferred €3.2bn of loans to NAMA – “Allied Irish Banks announces that it has transferred loans for a further 20 customers to NAMA totalling €3.2bn. As previously stated, NAMA has estimated the overall discount to be applied to the remaining c.€13.5bn of loans to transfer to NAMA, by year end, including these loans, at 60%. AIB has agreed with NAMA that the final tranche can complete on a phased basis. This transfer is part of the final tranche of €13.5bn of loans that are intended to transfer to NAMA.
2nd October 2010. Laura Noonan reports in the Irish Independent that “Nama will not be going ahead with the third tranche of borrowings, which was due to transfer over on Thursday [30th September 2010], and is proceeding on an institution-by-institution basis
 
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NAMAwinelake

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I don't think there's anything to see on this one - I replied to Dreaded_Estate who raised this issue over at NAMAwinelake. NAMA has been buying loans in "mini-tranches" and not providing updates and I think that's the bottom of it - poor form I know.

"Yes, according to the NAMA CEO Brendan McDonagh at the Committee of Public Accounts hearing last week (link at bottom) “as of today, NAMA has acquired loans with nominal balances of over €53 billion and issued NAMA bonds to a value of €23 billion to the five participating institutions” and according to the NAMA website (link below) on its bonds/subordinated debt “The total issuance to date is, therefore, €23,243,000,000.”

What has happened is that NAMA is moving the last tranches across in “mini-tranches”. NAMA said last week that €53bn of the €73bn had been moved across and the T1 & T2 totals were only €27bn in total. It is pretty poor form that given the urgency with Anglo, which was supposed tyo be completed by 31 Oct 2010, that there has not been any official announcement but arguably events have rendered this accelerated transfer programme meaningless.

Public Accounts hearing – Committee of Public Accounts - 18/Nov/2010 Special Report 76 of the Comptroller and Auditor General: National Asset Management Agency - Acquisition of Bank Assets
NAMA bonds/subordinated debt – http://www.nama.ie/Publications/2010/NamaDebtSecuritiesIssued.pdf"
 

MsAnneThrope

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Thanks for that NAMAWinelake.
 


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