However, it now emerges that they may not be handed over until the end of February, or even early March. The latest delay is due, according to weekend reports, to requests from NAMA for substantials amounts of additional information from the banks. It was originally planned that loans to the top 10 developers would be transferred by the end of December.

The latest delay means that the handover will now begin two months later than originally intended.

The further slippage in the timetable threatens to impose an additional delay in Bank of Ireland and AIB's plans to raise equity.

 

A full picture of the equity needed by the banks will only emerge when loans begin to be transferred. Even if NAMA was ready to start accepting the loans, it could not do so until approval of its transfer scheme by the European Commission, which has not yet been received.