RBS confirms NAMA loan dump
Read more about: NAMA 
As was hinted at before, Royal Bank of Scotland has reversed its previous position that most of its distressed Ulster Bank loans would be going into the UK’s Asset Protection Scheme. The UK Treasury has quietly published a detailed account of the loans that RBS is putting into their “insurance” scheme and while the agony from the UK taxpayer perspective is the amount of non-UK assets that they will be insuring, the news from the Irish side is that when RBS and the Treasury were looking for a way to reduce the overall size of the portfolio –
Assets that were potentially eligible for transfer to the Republic of Ireland’s National Asset Management Agency were excluded when the covered amount was decreased [page 40].
This refers to the composition of RBS’s “Europe and Middle East” (which is mostly Ireland) Real Estate Finance and Commercial Real Estate Portfolio.
It’s telling that when RBS had the choice of the UK scheme and the Irish one for the Irish assets, they chose the Irish one.
Equals an additional 75billion in loans to be transferred into NAMA – Source: http://www.cityam.com/news-and-analysis/z9rx6cr7fz.html 3rd Paragraph … this is going to be a fun budget day!
In fairness Oisin the RBS document linked above cites figures “only” in the single billions as opposed to tens of billions. But one has to wonder whether a scheme predicated on the assumption that Ulster Bank wouldn’t be in it can handle such a radical change.