Jewels, Shares, Art Help Raise $531 Million for Irish Bad BankJoe Brennan and Dara Doyle
Ireland’s National Asset Management Agency approved the sale of art, jewellery, shares and other non-real estate assets worth almost half a billion euros, as it chases the debts of real-estate investors.
The agency, known as NAMA, approved disposals of non-property assets worth more than 486 million euros ($531 million), Finance Minister Michael Noonan said in a written answer to a parliamentary question on Thursday.
Set up in 2009 by the state to purge banks of risky commercial real estate loans, NAMA has seized and sold debtors’ assets when they have been unable to meet repayments. The bad bank, based in Dublin, now expects to make a profit of over 2 billion euros over its lifespan.
NAMA, which paid about 31.6 billion euros for loans with a face value of about 74 billion euros, acquired loans related to 850 debtors.
In 2011, NAMA raised about 2 million euros from the sale of art seized from Derek Quinlan, a one-time tax official, whose investment company led the purchase of the Claridges, Connaught and Savoy hotels in London in 2004, broadcaster RTE has reported.