When it comes to the sale of Bord Gais Energy, the State has created a special organization called NewERA which is slotted into the NTMA structure, and the sale will be a prolonged affair with a prospectus to be issued in April 2013, there will be rigorous examination of bids, there will be intense media scrutiny, there might even be questions and debate in the tarnished Dail, before a sale will ultimately be concluded and the State will see gross proceeds of about €1,000m.
This week, 99.8% state-owned Allied Irish Banks sold €400m of assets – loans secured on property in Spain – and there wasn’t even a mention of it in the Irish media or at least an online search in the past seven days of the Irish Times, Irish Independent, Irish Examiner and RTE reveals nothing. There’s not even a statement on the AIB website.
The British commercial property portal CoStar reports that the loans are understood to have made 80c in the euro and AIB will walk away with €320m. The buyers are not explicitly named but are reported to be a group of hedge funds. The loans are ultimately secured on 1,186 branches of Banco Santander in Spain.
There is a burgeoning loan sales industry in Ireland right now and with KPMG appointed Special Liquidator to Irish Bank Resolution Corporation this week, there is the prospect of many billions of loans coming onto the market in coming weeks. Here is a selection of recent loan sales deals.
NAMA Wine Lake 
Assume they all performing,can’t imagine why they would not be.
Basically it’s a fire sale,this is fecking crap pricing shoot the advisors.
80 cents for loans backed by RE,to the fourth largest bank in the world,single tenant,income producing,day light robbery.
Banco will pay its rent on time on schedule,would it be too much to ask for just a little more info from AIB……
Who were the advisors,how much they got paid and if 80 cents was best pricing why not hold till maturity,is “default” an issue here,it would be BIG news to the rest of the world if it is.
“Banco Santander is the fourth largest bank worldwide by profits. It provides financial products and services through 13,660 branches. Its business sections are retail and private banking; global wholesale banking and Asset Management and Insurance. It is located in Europe, the U.K. and Latin America.”
http://www.businessinsider.com/blackboard/banco-santander
[…] Football Clichés has some pertinent thoughts while NAMA Winelake highlights the continued asset-stripping of the Irish nation. Also check out Tomás Ó Flatharta for his take on the recent […]
Is the discount on the NAMA stuff on top of the discount applied on transfer to the agency. Or is it the booked ‘value’ or the original loan.
[…] From NamaWineLake – a Whilst you were otherwise distracted this week – State sold €400m of your assets […]