NAMA's ongoing loan sale process is entering an interesting phase for NAMA borrowers. In summary the easy part is over.

NAMA previously reported that €18.5 billion of loans were to be sold in Ireland in 2015. That’s a decrease of 40% on 2014. In the first 6 months of 2015 €7.5 billion of loan sales were completed with a further €11 billion in progress in June.

More than half of these were

secured retail loans; a third related to commercial real estate loans; and the remaining €1 billion were in respect of

SME/corporate loans.

More importantly we are now seeing a transition from the sale of mainly

performing loans to the sale of mainly non-performing loans. Consequently we anticipate higher management costs generally and an increase in the number of receiverships and debt enforcement actions in the Courts between 2016 and 2018.

The remaining NAMA borrowers need to take legal advice now about the loan sale process, possible debt re-financing or restructuring and ultimately their readiness for potential debt enforcement action.