Fears Nama will step up sales of UK properties - National News, Frontpage - Independent.ie
There are growing fears that Nama will conduct a fire sale of major London properties seized from Irish developers in a bid to boost its revenues.
The "bad bank", set up to take over the toxic property loans of the country's banks, intends to aggressively step up sales of property backed by bad Irish debt in the UK.
As part of an ambitious strategy to reduce its €77bn loan book by a quarter by the end of 2013, Brendan McDonagh, Nama's chief executive, said he would push through the sale of at least €2.5bn of UK commercial property in the next three years.
Irish banks were among the most profligate lenders that helped fuel the UK property boom. The UK is a focus for future forced sales, given the rebound in property values there.
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