Ireland should introduce mortgage real estate investment trusts to help banks and the National Asset Management Agency offload bad debt stemming from loans made during the property boom, NAMA Chief Executive Officer Brendan McDonagh said.
The National Asset Management Agency, set up in 2009 to purge Irish banks of risky real-estate assets, is sticking to its target of selling 25 percent of its loan book by the end of 2013 even as property values in its biggest market plunged.
Ireland’s National Asset Management Agency will repay more than 3 billion euros ($4 billion) of bonds this year as it raises revenue by selling loans and renting out property, the agency’s chief executive officer said.
Ireland’s National Asset Management Agency is turning debtors into landlords as it seeks to recoup the 32 billion euros ($42 billion) it paid for commercial mortgages after the real-estate market collapsed.
National Asset Management Agency Chief Executive Officer Brendan McDonagh said he expects a resolution by November for the unfinished building once proposed as Anglo Irish Bank Corp.’s new headquarters, which has become a symbol of Ireland’s property crash.
From atop the stone walls of Avila, Spain, a medieval city an hour’s drive northwest of Madrid, beyond the parking lots and empty playgrounds and thousands of vacant new apartments, a construction crane can be seen moving on the horizon as building continues.