The chairman of the National Asset Management Agency says the agency expects to be provided with up to €500m in fresh security for its loans, after negotiations with borrowers.
Speaking at the annual dinner of the Dublin Chamber of Commerce, Frank Daly said NAMA had made progress in obtaining charges over assets that were previously not being used for loans, and reversing transfers of assets by borrowers to family members.
"We expect that once this process is concluded, the aggregate value of these unpledged assets may prove to be in the region of €500m", said Mr Daly.
The NAMA chairman also said there was growing interest from overseas investors in Irish commercial property, particularly prime office and retail properties in Dublin.
He also gave more details of a NAMA plan to generate cash from its portfolio by establishing an umbrella Qualifying Investor Fund (QIF) aimed at major institutional investors.
Mr Daly said NAMA also plans to acquire property assets, on an arm's length basis, from receivers or borrowers, and then package them in various combinations for sale to investors. These portfolios will be based on asset types or geography.
