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NAMA announcement of the sale of Northern Ireland loan portfolio welcomed by the Minister for Finance, Mr. Michael Noonan, T.D.
The Minister for Finance, Mr. Michael Noonan, T.D. welcomes the announcement by NAMA today (4 April 2014) of the sale of the Northern Ireland loan portfolio to Cerberus Capital Management, L.P. (Cerberus). The portfolio, which has a par value of £4.5 billion, consists of loans owned by Northern Ireland-based debtors and secured by assets in Northern Ireland, the Republic, Great Britain and other European locations.
Welcoming the announcement the Minister for Finance stated:
“Today’s announcement by NAMA of the sale of their Northern Ireland loan book to Cerberus is very good news for the Irish taxpayer, NAMA and the Northern Irish economy. This is the biggest loan sale that NAMA have completed to-date and highlights the progress the agency is making in generating a return on its assets for the Irish taxpayer.
As I have said on many occasions, a strong and growing economy in Northern Ireland is in all our best interests. I am confident that the purchaser, Cerberus, will work closely with the Northern Ireland Executive, invest in the Northern Ireland economy and support economic growth and job creation.
Finally, I would like to commend NAMA on their approach to the Northern Ireland portfolio and for securing a sale that is in the best interest of all stakeholders.”