NAMA sought resolution unit as part of wind down

The State's bad bank asked the Government to set up a 'NAMA resolution unit’ because there was no way they could finalise all legal cases, insolvency, and property disposals before their official wind-up at the end of 2025.

NAMA said they were facing considerable difficulties in retaining staff with a"broad set of skills and expertise" as employees were leaving knowing their jobs were soon to disappear. It said:"The timing of is controlled by bankruptcy trustees or the courts. There is the potential for new insolvency proceedings to be required."

The briefing said:"Recent evidence from the delay in implementing the required change to the LDA Act to facilitate the transfer of the National Asset Residential Property Services demonstrates this possibility."

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