The chairman of the National Asset Management Agency says it is preventing the transfer of €130m of assets which developers had tried to put beyond the reach of the agency or the banks.
Frank Daly was speaking on a Prime Time Investigates programme being broadcast on RTÉ1 television tonight.
Mr Daly told the programme NAMA had 'reversed or was in the process of reversing' the transfer of these assets, which will now be used to help with the execution of agreed business plans with the developers.
NAMA has now completed the transfer of 11,000 loans from 850 borrowers, paying bonds worth €30 billion for loans with an original value of €71.2 billion. This is a discount of 58%.
It has also completed the review of business plans from the top 30 developers, which account for €27 billion of loans.
Mr Daly said that, since March, NAMA had approved the sale of €1.6 billion in property assets held by its borrowers in order to pay down debts to NAMA or banks.
NAMA is currently finalising plans to buy further loans under the terms of the EU/IMF deal. These will include loans from AIB and Bank of Ireland with a nominal value of around €16 billion.
59% discount on latest AIB NAMA loans
AIB says it has taken a discount of almost 60% on the latest batch of loans it has transferred to the National Asset Management Agency.
The bank said it had transferred loans for 217 customers originally valued at €9.3 billion to NAMA. A discount of 59% was applied to the loans, meaning the bank was paid around €3.8 billion.
AIB has now transferred more than €18 billion in loans and associated collateral to the NAMA, the bulk of them at a discount of around 60%, forcing it to seek fresh capital to shore up its balance sheet.
The Government is expected to effectively nationalise AIB soon as part of an €85 billion EU/IMF bail-out package that requires a sweeping overhaul of the banking sector.
