The impact of Sterling on NAMA’s UK assets
// September 30th, 2009 // Uncategorized
A good proportion of the assets that NAMA is going to be acquiring are based overseas, the largest location being the UK. Now some commentators are talking up the positive news that the UK housing market has shown signs in the last few months of stabilising. The not so slight problem with this angle is that Sterling has declined against the Euro. So those assets will need to gain back the drop in Sterling versus the Euro before they would even start on the road to breaking for us.
Sad but true.