In 2012 First Alliance Properties was appointed by the Irish National Asset Management Agency (NAMA) to provide regular financial monitoring and reporting on various property companies to whom they had extended loans. The work involves regular analysis and appraisals of income flow within the portfolios and quarterly reporting to confirm that rental income and capital expenditure is as expected.
The ongoing tasks include forensic analysis of tenancy reports, bank statements, cash movements and regular contact with the portfolio owners to prepare each financial monitoring report. First Alliance Properties also assesses the properties from an asset management perspective to check income and capital expenditure amounts are realistic and reasonable in the light of prevailing market conditions.
The value of the portfolios covered by the appointment was initially circa £500m with a combined annual rental income of circa £30 million. This has diminished over time as assets are sold.