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Noonan denies NAMA to unload all assets

Wednesday, February 19 10:08:18

Finance Minister, Michael Noonan has said that NAMA will not seek to unload its massive asset and loan portfolio all in one go before its ten-year target is up.

The denial comes amid speculation that the agency is about to radically speed up the sale of Irish assets in order to shorten its original 10-year timescale to work out property loans.

He said no government decision has been made yet as to whether NAMA should speed up its sale of Irish assets.

Speaking in Brussels, Mr Noonan said he met with the board and management of NAMA two weeks ago in relation to the review of the operation of NAMA.

He said that under the NAMA Act a review of the agency is to be carried out this year into the operation of the agency.

Mr Noonan added that no decision would be made on the selling of assets until that review is complete.

"In the context of the review I want to look at various options. I haven't made any decisions yet, but when it comes around to making decisions I want the decisions to be evidence based," he said. He said he has asked NAMA "to explore what would be the implications of bringing forward the sale as the market would be able to carry a big sale.". However, he said he wanted to see the balance sheet and assess the "pros and cons" of bringing forward the sale as against leaving it to the ten year timeline."