NAMA Completes Second Transfer Of Loans From Four Irish Banks

The National Asset Management Agency (NAMA) has completed the transfer of the second tranche of loans from Allied Irish Banks, Bank of Ireland, Irish Nationwide Building Society and EBS.

The agency said it has acquired loans with a nominal value of EUR5.2bn. NAMA securities with a value of EUR2.7bn have been issued to the four institutions. This represents a weighted average discount of 48% for the four institutions on this tranche.

Irish Nationwide has taken the highest discount in the second tranche at 72.4%, followed by Allied Irish Banks at 48.5%. Bank of Ireland and EBS Building Society have taken a discount of 37.8% and 46.4% respectively.

The agency also said that loans will be acquired from the remaining institution – Anglo Irish Bank – over the coming weeks after all necessary due diligence material has been received and evaluated.

To date, some EUR20.5bn of loans have been acquired at a consideration of EUR10.4bn, giving a discount of almost 51%.