Ulster’s Chartered Accountants joined forces with leading commercial law firm Arthur Cox this week to examine the effect which the National Asset Management Agency (NAMA) legislation will have for local businesses and investors.
At an event on Wednesday evening, a sell-out audience of over 180 business leaders came together to discuss the detail of the legislation and the implications of NAMA.
NAMA is the body created by the Government of Ireland in late 2009 as a response to the Irish financial crisis and the deflation of the Irish property bubble. NAMA will acquire property development loans from Irish banks in return for government bonds, primarily with a view to improving the availability of credit in the Irish economy.
Keynote speaker at the event, Mark Barr, head of the Property Department with Arthur Cox in Dublin has been working closely with Irish Government officials in the preparation of the NAMA legislation.
He said: “NAMA has been introduced to stabilise Irish credit institutions, ease the financial system and restore confidence in the Irish banking sector. To do this, NAMA will acquire €77 billion of land and development loans and associated loans from Irish credit institutions and manage those assets for up to 10 years.
“This new legislation will have consequences for credit providers, investors and professional advisors right across the island of Ireland. It makes sense for these people to be aware of the powers of NAMA and how the changes will affect how we do business.”
Kevin Kingston, Chairman of Chartered Accountants Ulster Society said: “NAMA brings a set of unprecedented changes to the Irish business, investment and property landscape and we believe that it is vital that local businesses and advisors are fully appraised of the processes and how they might impact locally.
“We’re delighted to collaborate with Arthur Cox in this important initiative and we’re particularly pleased to welcome Mark Barr to Belfast, who through his role as an advisor to NAMA is particularly well placed to provide a comprehensive overview.
Alan Taylor, Managing Partner of Arthur Cox Belfast Office said: “NAMA is a huge issue going forward, but there are still many business people and professional advisors in Northern Ireland who feel that they need more clarity on the issue. The fact that this seminar is a sell-out event suggests that people do see NAMA as a relevant local issue and that there is a strong appetite for more information and advice on its consequences.”
Pictured at the NAMA Overview Seminar in Belfast are (from left) Jeremy Fitch, Chartered Accountants Ulster Society; Mark Barr, guest speaker and Partner, Head of Property, Arthur Cox Dublin Office; Alan Taylor, Managing Partner, Arthur Cox Belfast Office and Kevin Kingston, Chairman, Chartered Accountants Ulster Society.