It is unclear how much more AIB has to transfer to NAMA as there is no breakdown between bank of the reported €16.6bn in €0-20m exposures at AIB and BoI.
20th December, 2010. AIB report that it has transferred €9.3bn of loans at par value at “an aggregate discount” of 59%.
8th November, 2010. The Irish Examiner is reporting that AIB has transferred €3bn of loans with a 60% haircut which would leave “just over €10bn of AIB’s loans now remain to be transferred to the agency on a phased basis by the end of the year.” The bank says that the loans relate to 20 customers. 9th November 2010. AIB is now reporting that it has transferred €3.2bn of loans to NAMA – “Allied Irish Banks announces that it has transferred loans for a further 20 customers to NAMA totalling €3.2bn. As previously stated, NAMA has estimated the overall discount to be applied to the remaining c.€13.5bn of loans to transfer to NAMA, by year end, including these loans, at 60%. AIB has agreed with NAMA that the final tranche can complete on a phased basis. This transfer is part of the final tranche of €13.5bn of loans that are intended to transfer to NAMA.”
We do not have a forecast date for the transfer of the remaining tranche of AIB loans.
The remaining loans are estimated at €12.48bn which is the total of AIB’s loans shown as being NAMA-eligible in the June 2010 NAMA Business Plan (€23bn) less the following
(1) Tranche 1 – €3.29bn
(2) Tranche 2 – €2.73bn
(3) The removal of €4.5bn of sub-€20m loans following Minister for Finance Brian Lenihan’s announcement on 30th September, 2010
However the €12.48bn includes
(1) AIB’s UK operations which are presently for sale and according to the AIB Interim Report for 2010 published in August 2010, €3.2bn of NAMA-bound loans may be sold as part of the sale of the UK operation.
The forecast haircut on the remaining AIB tranche is 60% (far higher than 42.25% in Tranche 1 and 48.5% in Tranche 2). It is not clear if this haircut assumes the UK operations, which seem to have better quality loans, will be sold or not.
NAMA Wine Lake 
Is there a site or place where you can see all the properties and land banks currently owned by Nama.
Also are Nama selling properties privately rather than publicly and if so, how do they justify value for money.
Hi Connor, short answer to both questions, no. You can contact NAMA directly to express an interest in a specific property or properties generally. Their contact details are on their website (www.nama.ie).
NAMA won’t usually disclose the details of any borrower (name/asset) and will accord borrowers the same degree of commercial confidentiality they might have expected at their original bank. Also as of now, NAMA directly owns practically no property. It own loans secured by property so in the first instance it is likely to be the developer selling property not NAMA (though under NAMA’s watchful eye)
You can get an idea of the NAMA borrowers and assets at the Developers Tab – https://namawinelake.wordpress.com/the-developers/
Do read the notes though because the spreadsheet includes non-NAMA property owners and past as well as present associated assets.
When NAMA does foreclose on loans and disposes of property itself it says it will comply with the Code of Practice for the Governance of State Agencies 2009 which does provide for transparent selling (problem is, you mightn’t know NAMA was the seller)
Click to access New_Code_of_Practise_for_State_Agencies.pdf