THE NATIONAL Asset Management Agency (Nama) has begun sending out to the financial institutions for the first time details of how the first loans to be moved to the agency have been valued.

Yesterday, Bank of Ireland received the first acquisition schedules from Nama detailing which loans connected to the top 10 borrowers will be acquired by the agency, and at what price. Nama has shown for the first time the valuation calculations it has followed.

Irish Nationwide also received their first acquisition schedules yesterday. EBS is expected to receive its schedules today.

Under the Nama legislation, lenders are allowed five days during which they can negotiate with the agency on the price and the loan valuations, as well as the particular loans to be acquired.

AIB and Anglo Irish Bank will receive their acquisition schedules later than the other three participating institutions because they are transferring the largest loans to Nama, and because they provided valuations and legal due diligence on the loans and underlying properties later than the others.

However, the two banks will receive their schedules in time for the scheduled transfer of the first tranche of loans from the five lenders to Nama – representing 1,000 loans totalling €17 billion – towards the end of this month.

The valuations of the first €17 billion in loans to be transferred and the underlying properties backing them are expected to be lower than originally anticipated, leading to a higher discount on the first loans.

A total of €81-€82 billion will move to Nama from the five participating lenders by the end of the year. It is estimated that Bank of Ireland is transferring €12 billion in loans to Nama, while Irish Nationwide is moving €8.5 billion and EBS about €800 million. Anglo is transferring about €36 billion, while AIB is moving €23 billion.