NAMA Business Plan Version Two Introduction and Overview. Michael Flynn (Deloitte) & Kevin Nowlan (NAMA) 19 January 2011
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1 NAMA Business Plan Version Two Introduction and Overview Michael Flynn (Deloitte) & Kevin Nowlan (NAMA) 19 January 2011
2 Contents Introduction National Asset Management Agency NAMA Business Plan Process Business Plan Version One Business Plan Version Two Conclusion
3 Introduction
4 Introduction NAMA Established under NAMA Act 2009 Operational since December billion, (nominal value), has been purchased by NAMA for c. 30.2bn Approx. 11,000 loans Approx. 850 borrowers Additional 16bn (nominal) yet to be purchased AIB\BOI sub 20m EU\IMF directly managed by both banks under NAMA supervision Business Plan Template (Version 1) developed in advance of loan transfer 30 Business Plans ( 27Bn) reviewed by December 2010 Significant Lessons learned on dealings with first 30 debtor business plans New Business Plan Template (Version 2) designed for debtors with 20 loan facilities or less and a maximum of 300 assets
5 National Asset Management Agency
6 Why NAMA? Massive growth in property related lending Imbalance between supply and demand Enormous scale of lending to individuals and companies solely on back of increase in value of property assets Poor quality credit appraisal Over reliance on wholesale money markets Regulatory failures
7 The Road to NAMA September 08 November 08 December 08 January 09 March 09 April 09 May 09 September 09 December 09 Government involvement in banking system guarantee for bank liabilities ( 440bn) Examination of loan books Banks require recapitalisation Nationalisation of Anglo Irish Bank BOI recapitalisation - 3.5bn NAMA announced in Supplementary Budget AIB recapitalisation - 3.5bn NAMA Bill introduced into Oireachtas NAMA formally established and Board Appointed
8 The Road to NAMA February 10 March 10 May 10 August 10 November 10 December 10 EU approval of NAMA First loans start transferring to NAMA Completion of the transfer of Tranche 1 into NAMA Completion of the transfer of Tranche 2 into NAMA IMF/EU bailout agreed - Additional 16bn to be transferred from Bank of Ireland and AIB under IMF/EU deal Balance of loans transferred to NAMA total 71.2bn
9 Activity To Date 71.2 billion has been acquired, a further 16 billion yet to be purchased (IMF Requirement) Bond Value of 30.2 billion issued to the five institutions representing an aggregated discount of 58% Business Plan Reviews were concluded for the Top 30 debtors representing 27 billion of the loans acquired The sale of 1.6 billion in property assets was approved to pay down NAMA Debtors either to the Agency or other relevant banks, a portion of these funds was released to make payments to other Non- NAMA lenders Top 170 debtors 59bn to be managed directly by NAMA. Balance of Debtors (680) to be managed by PI s under NAMA supervision AIB BOI EBS INBS Anglo AVERAGE Discount up to end of % 42% 60% 64% 62% 58%
10 NAMA Business Plan Process
11 Purpose of the NAMA Business Plan Process Opportunity for NAMA to Interact with Debtors in a structured format over a 8-10 week period of time Gain a detailed understanding of the Debtor and their business in a short period of time Interact and evaluate the key members of the Debtors management team Gain an understanding of the dedication and motivation of the Debtor and their management team Gain an understanding of the debtors strategy for debt repayment and for each piece of security held for the various loans it has purchased Interact with the Debtor on the daily issues that they are having to deal with
12 Purpose of the NAMA Business Plan Process Requires the Debtor to present: An Estimate of what they believe to be achievable and how to achieve it Proposals in relation to group overhead for the implementation of their Business Plan And highlight any issues that need critical attention (e.g. creditors, litigation etc) Allows a third Party Independent Business Reviewer (IBR) to evaluate the Debtors business plan and challenge the various assumptions and estimates included in it Provides NAMA with a third party evaluation on how to return the maximum amount of money to the state and a view on whether the Debtor is best placed to deliver this required outcome
13 Business Plan Process for Top 170 Debtors 1 Debtors receive notification of purchase of loans by NAMA from their Lending Institution Notification 2 Initial meetings with NAMA to discuss plan and working relationship Introduction to NAMA Portfolio Manager NAMA objectives re-iterated Identification of key projects/issues Discuss project plans Information on Rental / Income distribution / existing Group overhead Initial Meeting 3 Preparation and Submission of Business Plan by Debtor Submission of Business Plan External review of business plan by Independent Business Reviewer (IBR) Reasonableness of assumptions Detailed analysis of forecasts and development appraisals Present external view of projected outcome NAMA internal analysis and review of IBR report and Debtor Business Plan through Credit Committee/Board process Decision made at NAMA Credit Committee/Board and communicated to Debtor Independent Business Plan Review Credit Committee / Board Presentation Communication to Debtor of Credit Committee Decision
14 Required Debtor Business Plan Objectives in line with NAMA Business Plan 30 th June 2010 Debt Reduction Achieve significant debt reduction (to an appropriate level) within a period of 3-4 years. In line with NAMA Board policy Cash Sweep Unless secured by non-nama banks, all available cash-flow (including full sales proceeds, net of costs approved by NAMA) should be remitted in full to NAMA by way of cash sweep in advance of overhead payments Working Capital In the short term, overheads and agreed costs should be agreed in advance with NAMA and will be funded by way of agreed working capital facilities Development Funding NAMA has limited resources to fund development expenditure Income Generation In all cases, up to the point of asset disposal, cash generation from each asset should be maximised
15 Business Plan Version One
16 Business Plan Version One Template developed in advance of initial asset transfers Designed to facilitate complex Debtor portfolios - mostly Tranche 1 & 2 Focus on financial rather than property information Datapack time consuming to complete for less complex Debtors No standardised financial model produced by Debtors which resulted in delays in IBR process Generated larger documents, requiring substantial time investment to complete & review by IBRs NAMA and other stakeholders recognised that a simplified and more property focused version would be required for less complex Debtors
17 Business Plan Version Two
18 Reasons for Business Plan Version 2 Requirement for a simplified and more property focused Business Plan for less complex Debtors Increased focus on property and lending / Cashflow information Remove onus on Debtors to perform complex financial analysis - now automatically generated from inputs Key Reasons for developing Business Plan Version 2: Increase the property focus Ensure parties within NAMA are able to get the information they require Make the Business Review process more efficient (including the IBR process) Reduce professional fees incurred by Debtors Provide NAMA with a base working file in the form of the NAMA Information Pack Create a standardised financial model to be utilised by NAMA and its IBRs Create a link between the NAMA Cash flow model and the text version of the Business Plan via the various summary tables produced
19 What s Different? Overall objectives are the same as with Business Plan Version One and the NAMA Board objectives Increased prominence is given to: Sworn Statement of Affairs of the Debtor(s) Non-NAMA Lenders, their security and the repayment of these facilities Group cost requirements in the short term and what these relate to Unencumbered assets and how the Debtor(s) intends to use these to support debt reduction / group overhead Decreased prominence is given to: Historic financial information (note the Statement of Affairs requires the disclosure of historic transfers) Market Analysis section with the report, however this may still be of use for trading assets
20 What s Different? (contd.) Certain assumptions have been imposed on the Debtors by NAMA A separate Datapack is not required alongside the NAMA Cashflow Model Requires 10 year projections as a minimum unlike the 3 years previously required Model release by Debtor Advisors (Hold Harmless) issues no longer applicable Similar levels of information is required for Non-NAMA lending as NAMA
21 Business Plan Version Two Overall Structure NAMA Information Pack NAMA Cashflow Model Inputs Calculations Outputs Facility Information Facility Level Entity Level Group Level Property Information 10 Year Cash Flow, P&L and Balance Sheet Entity Debt Repayment Profile Executive Summary Tables Group Debt Free Asset Statements NAMA Functionality Sensitivity Analysis NAMA Acquisition Value Analysis
22 Features of Business Plan Version Two Link between Model and Business Plan document Standardised Template for Debtors to complete single point of input Tables for inclusion in the Executive Summary of the NAMA Business Plan text document are automatically generated by the NAMA Cashflow Model Full Connection View: NAMA/Non NAMA Debt Encumbered and Unencumbered Assets Other Income/Assets/Liabilities 10 Year Model Projection Increased focus on cashflow as well as profit & loss Focus on debt reduction in line with NAMA guidance Standardised cashflow assumptions Result in quicker IBR turnaround by NAMA
23 Conclusion
24 Conclusion Benefits of Business Plan Version Two For Borrowers: Greater guidance from NAMA on information requirements and debt reduction; Reduces both the financial and time burden in producing the Business Plan pack; Consistent approach for the instance where more than one Business Plan is required; Requests information in a format readily available and understandable to Debtor; and Automatic production of output tables required for plan. For NAMA and Independent Business Reviewers: Provides information in a common format making plans comparable; Common format will make reviews more efficient as reviewers do not need to become accustomed with a new model each time (or build new models); Allows the ability to perform extensive sensitivity analysis on the Business Plan Information pack a working tool for NAMA; and Streamlines the IBR process Getting Debtors and NAMA working together towards debt reduction quicker and more cost effectively understanding each others objectives.
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