The Chairman of NAMA, Frank Daly, has welcomed the confirmation from the European Commission that it has approved the valuations made by the Agency in respect of loans acquired by the Agency in Tranche 2. This follows the earlier approval by the Commission of the valuations set for loans acquired in Tranche 1 and brings to 11,000 the number of loans whose valuation by NAMA had now been approved by the EU.

Speaking today, Mr Daly said that the EU approval confirmed that the NAMA valuation and due diligence process was working effectively and well. He said the EU approval was particularly significant in the light of recent suggestions that NAMA should have paid more for the loans it was acquiring in order to protect the banks which had advanced those loans; “I’ve been struck in recent days at suggestions from some quarters that NAMA has compounded the problem of the banks by virtue of the amounts it was paying to acquire relevant loans. This EU decision confirms that we have adopted a prudent, consistent and fair valuation policy in respect of these loans and that the valuation is in accordance with EU approval.”

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