NAMA 'may sell' NI loan portfolio

Published Thursday, 13 February 2014
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Finance Minister Simon Hamilton has said he will continue to work with NAMA to make sure that Northern Ireland's interests are protected.

NAMA 'may sell' NI loan portfolio
Simon Hamilton was reacting to the latest press reports. (© Presseye)

It comes after reports in the media on Thursday claimed a major financial institution was interested in buying the so-called bad bank's entire loan portfolio in NI.

According to the Irish Times, the US giant Pimco has approached NAMA - the Republic of Ireland's national asset management agency - over its northern loans worth £800m.

Mr Hamilton said: "While it would be inappropriate to comment on the details of press reports, the Northern Ireland Executive has maintained a positive and constructive ongoing working relationship with the National Asset Management Agency (NAMA).

"The Executive would clearly have a significant interest on any decisions which may have an impact on the Northern Ireland economy.

"The assets which are presently held by NAMA could undoubtedly be used to boost the Northern Ireland economy if they were managed in a way which unleashed their potential in the short term rather than waiting for them to realise their value in the longer term."

A short statement from NAMA said it reviews all approaches on an ongoing basis.

It continued: "NAMA constantly reviews its portfolio to assess opportunities for maximising returns from loans or assets within the portfolio.

"In addition, it frequently receives approaches from investors expressing interest in acquiring loans or assets in its portfolio and reviews such approaches on an ongoing basis."

Daithí McKay of Sinn Féin commented: "Whoever takes over these assets must do so in a responsible way and ensure that it does not destabilise the local economy.

"Breaking up assets for a quick profit would not be good for the economy and those in charge of this portfolio now or in the future should be mindful of that."

© UTV News
Comments Comments
Mark in Derry. Ireland. wrote (348 days ago):
NAMA will do whatever it takes to get the best deal for the Irish tax payer. Simon you wont have a say in the matter.
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