NAMA urged to take on more loans

NAMA urged to take on more loans

A report commissioned by Minister for Finance Michael Noonan on NAMA has urged it to take on more loans.

A total of 780 borrowers have had their loans acquired by the National Asset Management Agency but only 180 are managed directly by NAMA, with the remainder managed by the banks.

The report was carried out by Michael Geoghegan, a former chief executive of HSBC, on behalf of Finance Minister Michael Noonan.

It’s reported that Mr Geoghegan’s findings point out that a larger number should be managed directly by NAMA which will have a bigger incentive to ensure there is a successful outcome in relation to each borrower.

The report also says there is a need for greater skills and more entrepreneurship in NAMA.

Earlier NAMA had published details of its policy guidance showing how it approved rent reductions.

But Mr Noonan said that it had “not proved possible to develop a targeted scheme” to tackle upward-only rent reviews that would “not be vulnerable to legal challenge or require compensation to be paid to landlords”.

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