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Archive for March 23rd, 2010

If we believe yesterday’s article in the Irish Independent, three financial institutions that received the first NAMA Acquisition Schedules last week (there have been various suggestions that they were received between Tuesday and Friday last week) have until today to object to valuations placed upon their loan assets by NAMA. Further there are suggestions today that BoI and INBS will object to valuations. s121 of the NAMA Act 2009 states

“121.—(1) If, after the service on a participating institution of an
acquisition schedule, a participating institution objects to the acquisition
value specified in that schedule in relation to a bank asset, the
participating institution shall serve on NAMA a notice in writing of
its objection invoking the provisions of this Chapter within 14 days
after the service on it of the acquisition schedule.”

That 14 days can’t be altered by NAMA so the suggestion that NAMA have given banks no more than 7 days to dispute valuations would be a breach of the Act if true. The three financial institutions would appear to have until next Tuesday at the earliest (30th March 2010) to dispute the valuations. And remember we have no news yet on the Anglo or AIB Acquisition Schedules. The 30th March deadline is looking as if it will be missed which although embarrassing for Mr Lenihan after the Christmas and 28th February deadlines were missed but will probably be understandable in the context of the huge work being undertaken.

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