Nama to leave out Anglo?s US loans | The PostAnglo Irish Bank is set to exclude almost all of its 10 billion US loan book from its transfer of assets to the National Asset Management Agency (Nama), in a move that will pave the way for a quick sale of these loans to another institution.
The nationalised bank - which ramped up its US lending activities from 1 billion in 2004 to 10 billion this year - has received approaches from a number of potential buyers of the loan book, which consists primarily of commercial property investment loans in New York, Chicago and Boston.
The potential buyers include US and Canadian banks and private equity groups. Interested bidders may have approached some former Anglo employees to advise them on the details of Anglos American loan portfolio.
Figures released by the Department of Finance last week revealed that, of the 77 billion book value of loans to be acquired by Nama, just over 2 billion will relate to US-based loans.
According to the department, Anglos US loan portfolio consists of 1.4 billion in land and development lending and 9 billion in so called associated loans.