Nama to leave out Anglo’s US loans

[DCon]

Anglo Irish Bank is set to exclude almost all of its €10 billion US loan book from its transfer of assets to the National Asset Management Agency (Nama), in a move that will pave the way for a quick sale of these loans to another institution.

The nationalised bank - which ramped up its US lending activities from €1 billion in 2004 to €10 billion this year - has received approaches from a number of potential buyers of the loan book, which consists primarily of commercial property investment loans in New York, Chicago and Boston.

The potential buyers include US and Canadian banks and private equity groups. Interested bidders may have approached some former Anglo employees to advise them on the details of Anglo’s American loan portfolio.

Figures released by the Department of Finance last week revealed that, of the €77 billion book value of loans to be acquired by Nama, just over €2 billion will relate to US-based loans.

According to the department, Anglo’s US loan portfolio consists of €1.4 billion in land and development lending and €9 billion in so called ‘‘associated loans’’.

Nama to leave out Anglo?s US loans | The Post

[seabhcan]

If they can flog this stuff quickly it will help wind Anglo up. I presume if they as sell off 10bln of assets and NAMA takes 28bln there will be little left.

[powderfinger]

Why is this segment of the Anglo portfolio to be excluded from the NAMA?

[Mitsui]

Why is this segment of the Anglo portfolio to be excluded from the NAMA?

Shhhhhhhhhh! That information is commercially sensitive!

[cyberianpan]

Why is this segment of the Anglo portfolio to be excluded from the NAMA?

This was announced ages back

The reason is there's a large private US market - it can purchase these loans - no pricing problem

In Ireland we have systemic failure.... BOI could hardly buy Anglo's Irish loans?

cYp

[powderfinger]

Could there be performing loans housed in the Anglo US portfolio which are producing a revenue stream?
Are there any loans in the Anglo US book that have been used as cross collateral for other Anglo lending that is NAMA bound?
For example.If Developer X has a global portfolio of properties and included in that basket there is both Irish and US elements financed by Anglo,would it not be better to put the US loans into Nama as a hedge against more critically impaired Irish lendings?

[powderfinger]

The offers received so far,for the Anglo US property loans ,from private equity firms ,have been dismissed by Anglo as 'derisory' according to an article by Jon Ihle in today's Sunday Tribune.
Figures as low as 10 cent in the € were the discounts sought by the prospective purchasers.

Anglo rebuffs ?1bn offers for its ?10bn US property loans

[Cassandra Syndrome]

Why is this segment of the Anglo portfolio to be excluded from the NAMA?

Probably because they are straight forward loans based on 1 mortgage for the same property and there is nothing illegal in them.

[PaddyJoe McGillycuddy]

Anglo rebuffs ?1bn offers for its ?10bn US property loans

I enjoyed the line that

Anglo is already operating under a suspension of normal capital rules from the Financial Regulator until April.

I'd say that Anglo always operated under a suspension of normal rules from the Financial Regulator!

[MsAnneThrope]

Is David Fitzpatrick (Seanie's son) still working in the New York Anglo office does anyone know? He was still there earlier this year as a senior executive, and I haven't heard of him leaving since.