Quarter of original Nama borrowers remain on its books

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Quarter of original Nama borrowers remain on its books


The National Asset Management Agency (Nama) had 800 debtors on its books when it was established in 2009 (stock photo)
The National Asset Management Agency (Nama) had 800 debtors on its books when it was established in 2009 (stock photo)

A total of 577 debtors have now exited the National Asset Management Agency, leaving just over a quarter of the original borrowers on the agency’s books.

The National Asset Management Agency (Nama) had 800 debtors on its books when it was established in 2009.

New figures provided by the Minister for Finance, Paschal Donohoe, confirm Nama had 223 debtors on its books at the end of November, who owed a combined €23.9bn when their loans were acquired.

Minister Donohoe said the value of the assets securing the €23.9bn debt “is very low and Nama is working to maximise the amount of debt that can be recovered for taxpayers”. 

“Such work includes negotiating effective workout strategies with debtors and receivers and providing funding for investment in assets where it will enhance value,” he said.

In written Dáil replies to Sinn Féin TD Pearse Doherty, Minister Donohoe confirmed that 37pc of the remaining debtors were subject to enforcement actions. He said that 139 of the debtors were in support or forbearance strategies, with 84 being subject to enforcement.

He said Nama had indicated its portfolio had a carrying value of €2.3bn at the end of 2018. The minister said it was expected that Nama would substantially complete its work by 2020/2021, but there was the possibility a small number of loans may not be resolved by 2021 due to litigation that is largely outside Nama’s control.

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