Northern Ireland

Four Belfast law firms join Nama advisory panel

Nama

Four Belfast law firms have been appointed to the panel of lawyers providing advice to the Irish government's National Asset Management Agency (Nama).

They are Carson McDowell, Tughans, CH Jefferson and John McKee and Son.

They will advise Nama on enforcement proceedings, such as receivership and refinancing.

Nama was set up to rescue the ailing Irish banks by buying, at a discount, all their major property loans.

In Northern Ireland the agency will be buying loans with an original value of more than £3bn, relating to more than 100 firms or individuals.

Nama has a relatively small staff so will be spending hundreds of millions of euros on advisers and consultants.

In addition to the law firms several other Belfast-based companies are already providing services to the agency.

Keenan Corporate Finance is one of the firms helping to assess the business plans put forward by developers.

Valuations, in what Nama calls the Ulster area, being carried out by property agents BTW Shiells, Osborne King, Frazer Kidd and Colliers CRE.

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