Scary. To Be Frank

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Nama Wine Lake has combed over Nama chief Frank Daly’s speech yesterday for clues as to what is happening at the (state-owned) largest property company in the world.

Nuggets include:

(1) From March 2010 to date, NAMA has made 6,000 credit decisions. That’s an average of 60 per week or 12 per working day. And each decision is made within an average of six days.

(2) NAMA has “agreed” more than 600 developer business plans representing 95% of the Agency’s total loans, by value.

3)NAMA has approved advances to developers of nearly €1bn. Now this isn’t news but separately NAMA says that developers are expected to grant charges over €500m of unencumbered assets, and to date developers have granted charges over €221m of unencumbered assets. NAMA is not saying if these two facts are connected…Separately NAMA says that it has reversed €160m of spousal transfers.

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More here: NAMA Is Making 12 Credit Decisions Every Working Day – Chairman Provides Update on Agency’s Progression (Nama Wine Lake)

(Laura Hutton/Photocall Ireland)