• NAMA will have 30 to 40 staff and will have a number of senior people within the lenders overseeing their administration of NAMA loans.
• Banks will continue to administer and service transferred loans within specially created companies but all key business decisions will be made by NAMA
• NAMA will be seeking to achieve optimal outcome in terms of realized value of assets over 10 to 15 year lifespan

• NAMA’s staff will be:- Senior Managers (asset managers/corporate finance/legal); supervising panel of external service providers (valuers/legal/planning); core staff (property asset managers with role of making recommendations as to disposal or development of any properties that NAMA ends up with); Senior Loan/Banking managers who will oversee loan servicing and management including restructuring.
• NAMA will insist on Banks rotating staff so that the person who made the loan will not be dealing with it under NAMA.
• It is our understanding that the higher value loans (over €100M) will be managed directly by NAMA while the others will be managed by the Banks under NAMA supervision.

• All land and development loans of the eligible institutions and in addition those commercial loans which are interconnected to those land and development loans.

• Each loan will have to be assessed and valued individually – this is required by EU.
• The majority of individual loans are bespoke and have different loan documentation.EU Guidance primarily focuses on financial assets (CDOs, Asset Backed Paper etc) whereas in the Irish situation the assets are pure property plays – how EU guidance applies for valuing property assets is a core issue being considered and discussed with the EU Commission.
• Valuation and eligibility criteria for institutions and asset classes must be consistent with EU rules on State AID.
• EU says methodology must be applied uniformly and consistently across institutions.

• CPO
• Lending
• Investment of equity and working capital in joint ventures.

• It can dispose of assets at an early stage
• It can hold them with a view to disposing of them when market conditions have improved.
• Develop them to enhance the return (and in that regard enter into joint ventures etc)

• A Steering Group of NTMA, Dept of Finance and AG’s office has been meeting twice weekly – draft heads to be ready in 2 to 3 weeks.
• NAMA’s mandate is not to be in the business of liquidation but to achieve workout on the loans as it can take a longer term perspective than the Banks’ can. However those unwilling to co operate will face the full legal consequences.
• There will be institutions which will be outside of NAMA but which may have provided loans to borrowers within NAMA.

Complex legal issues will arise in relation to the operational aspects of NAMA and the legislators must draft the relevant provisions to ensure that the interests of Borrowers are not unfairly prejudiced.