Nama is making strong progress – Daly

Frank Daly, Nama Chairman addressing the Dungarvan and West Waterford chamber of commerce, said that the agency is “making strong progress” in generating cash from its loans.

“Nama paid €31.8bn for the loans it acquired. €30.2bn of that money is guaranteed by the State and is a contingent liability on the Irish people which is why it is so important that Nama pays it off as quickly as possible and that is what we are doing,” said Mr Daly.

“To date, I am pleased to say that Nama has already repaid €10.5bn – 35 per cent of the total senior debt. We have repaid more than was expected and we have done so much sooner than was expected. This is a clear sign that Nama is making excellent progress particularly as the Irish market improves and is firmly on course to meet its objectives in advance of the original 2020 timescale envisaged by the Nama Board.”