The National Treasury Management Agency (NTMA) has published the latest version of its investor roadshow presentation it uses to attract investment in Irish bonds. Included in the presentation, is a section on NAMA and we some information not otherwise in the public domain.
(1) Qualifying Investor Funds (QIFS). QIFs are managed investment funds which in NAMA’s case will focus on property, probably mostly in Ireland. The presentation says that the launch of the first QIF is now scheduled for Q1,2013 which represents a slippage from the planned launch “by the end of 2012”. It remains unclear why NAMAhas been so slow with appointing the professionals needed to manage the QIF, and NAMA hasn’t offered any explanation.
(2) The NTMA refers to the “possible introduction of REIT legislation” without giving further details. A REIT, or “Real Estate Investment Trust” is a managed property investment fund that allows smaller investors to invest in property shares in a convenient, tax-efficient manner. These were promised by Minister Noonan but whenever he is asked about progress with introducing the legislation, he just says that his Department is keeping the subject under review.
(3) The NTMA says NAMAis “well positioned to achieve long-term objectives”
(4) NAMA has approved €1.6bn in new advances to developers of which €0.75bn has in fact been handed over in cash.
(5) NAMA has generated a staggering €9.5bn in cash, comprising disposal of assets of €6.2bn and other income of €3.3bn which will include rent receipts and loan repayments.
