The Irish Times has reported today that several financial institutions that are having their (bad) loans transferred to NAMA are asking for the state agency to reduce the amount of documents and data required for the transfer to be processed. As it stands at the moment, the institutions are requested to provide over 1,000 pieces of info for each loan facility (The Irish Times, 24/03/10), including key valuation data. The amount of paperwork to be produced is quite huge, and some lending institutions have expressed a concern with the time and staff that it takes to collect the information and to report back to NAMA in order for the loan to be transferred to the state agency’s portfolio. What makes the gathering of data even more complex is the fact that many of the required information were not on the original loans’ paperwork. This is maybe for this very reason that the financial institutions’ request to cut the amount of data required by NAMA and to fast-track the transfer of their loans to the state agency comes as a bit of a surprise: didn’t we end up in this situation as the result of a lack of rigor, proper procedures, and transparency in the lending process by the very financial institutions that are asking for a sped-up (expedited?) process?

Delphine Ancien