Credit Controller & Credit Manager News

Your Voice – Credit Industry News from ACP
Friday 17th May 2013

Your Weekly Newsletter from the Association of Credit Professionals

Advancing the world of the Credit Professional

Essential Skills in Credit Management

Tuesday 21st May 2013 – Titanic Exhibition Centre, Belfast

Only 4 days left, have you booked your place yet?

NAMA sells loan book to Starwood Capital Group

By Richael O’Brien

The National Asset Management Agency (NAMA) have entered into a joint venture with a consortium of global private equity investors, which is led by Starwood Capital Group. Other prominent members of the consortium include Key Capital Real Estate and Catalyst Capital. Under the terms of the agreement, NAMA will sell the loan portfolio known as “Project Aspen” to the new venture, which will be 20% owned by NAMA and 80% owned by the consortium.

In addition, NAMA will provide a senior secured loan (vendor finance) to the joint venture, with an initial loan to value of less than 60%. The loan will carry a commercial rate of interest and is expected to be repaid within five years.

In the NAMA annual statement for 2012, the Agency commented that while there was significant investor interest in NAMA’s portfolio, the availability and cost of finance are major constraints both in Ireland and Internationally. In that statement, which outlines the objectives, strategies, and policies to be implemented in the financial year 2013, a number of measures to address this liquidity issue were outlined to increase the transactional activity in 2013 and beyond. These measures included a vendor finance programme under which loan finance of up to 70% of the purchase price is available to suitable purchasers.

Brendan McDonagh, CEO of NAMA commented: “NAMA is very happy with the successful outcome of the loan sale process and we welcome Starwood to partner with us in resolving the portfolio. The transaction has a number of innovative features, including NAMA vendor financing and equity participation.”

The sale of the portfolio commenced in February 2013, with more than 60 parties actively participating in the process. NAMA and the Starwood consortium entered exclusive discussions in early April.

NAMA believe that this structured sale enables NAMA to capitalise on the current interest from global investors in Irish commercial property assets and at the same time participate in the continuing recovery of the Irish commercial property market.

Latest News


CPP announces management departures – Credit Today Online news
Credit card insurance business CPP Group has revealed that both its chief executive and chief financial officer are to step down.

Current accounts not referred to Competition Commission – Credit Today Online news
The Office of Fair Trading (OFT) has confirmed that it will not be referring the UK current account market to the Competition Commission.

Interlaken Group sold – Credit Today Online news
Debt purchaser Lowell Group has acquired Interlaken Group in a deal which creates one of the largest debt recovery operations in the UK.

Cabot posts £8m first quarter profit – Credit Today Online news
Debt buyer Cabot Credit Management has reported pre-tax profit of £8.1m in the first quarter of 2013 after a period of “strong growth”.

FCA chief tells insurers regulation will cost more – Credit Today Online news
The chief executive of the Financial Conduct Authority (FCA) attempted to allay concerns in the insurance industry about the increased cost of regulation at an industry event today (15 May).

Go to for all the latest Industry News from Credit Today


Capita to double Irish workforce with 800 new jobs – RTÉ News – Business Headlines
Service solutions provider Capita has announced it will create 800 jobs in Ireland over the next three years.

Irish Examiner ordered to vacate Cork offices – RTÉ News – Business Headlines
The owner of The Irish Examiner and Evening Echo newspapers has been ordered to vacate its offices on Lapps Quay in Cork city.

Warning for Ireland over eurozone recession – RTÉ News – Business Headlines
A review of Ireland’s bailout programme by an influential think tank has warned that a deepening of the eurozone recession could be a “central problem” for Ireland’s full return to the financial markets.

Thomond feels the pinch from fewer Munster matches – The Irish Times – Business
Operating profits at Thomond Park Stadium Company Ltd almost halved last year to €354,000 from €612,000 in 2011

Kallakis fraud sentence increased to 11 years by appeals court – The Irish Times – Business
Kallakis, 44, was imprisoned for seven years in January when he was convicted of tricking banks including AIB into lending as much as £740 million

Go to for all the latest UK & Ireland Business and Credit Industry news.

Upcoming Events


Road Show & Seminar – Essential Skills in Credit Management

Tuesday 21st May 2013 – Titanic Exhibition Centre, Belfast

Guest speakers & topics include:

Telephone Collection Techniques – Steve Savva FICM FACP – ACP Chairman

Cash Flow Management – Geraldine Aiken – Senior Cash Manager, Danske Bank

The latest from the World Credit Congress 2013 – Declan Flood FIICM FIACP – ACP Vice Chair

NI Economic Update – Angela Magowan- Chief Economist, Danske Bank

Export – EMEA Collections – Jon Swan FICM FACP – Head of Credit Management, Hachette UK

Putting on the Pressure to Obtain Payment – Teresa Callaghan FACP – ACP Executive Vice Chair

Managing Stress Effectively – Donal O’Neill – Author, Less Stress Strategies

Insolvency 2013 – Ronan Duffy – Partner, McCambridge Duffy


Lunch & Refreshments Included – ACP Members earn 10 CPD Points for attending!

Book online now at to book online today !

To receive an invoice email with your full name and details


Informal get together for everyone – All Bar One, 18-20 Apollo Street, London,EC2A 2AS

Tuesday 21st May 2013

This is a great opportunity for all credit professionals to meet up with other credit professionals on an informal basis, to socialise/network in an informal setting. It will be great to see as many new faces as possible so please come along! Please email or to confirm your attendance.


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MACP / MIACP Full Member Grade ONLY £75 / €95

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Dual membership available to all Members of the ACP and IACP who have experience in both jurisdictions at no extra cost. Contact for more information.

Friday Fun

Three sisters, ages 92, 94, and 96, live together. One night the 96-year-0ld draws a bath. She puts one foot in and pauses. “Was I getting in the tub or out?” she yells.

The 94-year-old hollers back, “I don’t know, I’ll come up to see.” She starts up the stairs and stops. She shouts, “Was I going up or going down?”

The 92-year-old is sitting at the kitchen table having tea, listening to her sisters. She shakes her head and says, “I sure hope I never get that forgetful”, and knocks on wood for good measure. Then she yells, “I’ll come up and help both of you as soon as I see who’s at the door.”


There were two guys working for the city. One would dig a hole — he would dig, dig, dig.

The other would come behind him and fill the hole — fill, fill, fill. These two men worked furiously; one digging a hole, the other filling it up again.

A man was watching from the sidewalk and couldn’t believe how hard these men were working, but couldn’t understand what they were doing. Finally he had to ask them.

He said to the hole digger, “I appreciate how hard you work, but what are you doing? You dig a hole and your partner comes behind you and fills it up again!”

The hole digger replied, “Oh yeah, must look funny, but the guy who plants the trees is sick today.”


A preacher was walking down the street when he notices a little boy trying to ring the doorbell but it’s just out of his reach. He watches his efforts for some time and walks over to press the the bell. After he pressed it he leveled down to the boy and asked’ “Now what?” to which the boy turned and shouted, “NOW WE RUN!!”

Your ACP links

Insolvency Partner

UK – Moore Stephens LLP

Ireland – McCambridge Duffy LLP

Training partners

UK – Credit Management Training

Ireland – The Credit Coach

Media Partner – The official magazine of the ACP

Association of Credit Professionals
The Old Surgery
Church Street
Cropwell Bishop
NG12 3BY

Phone: +44 (0) 115 989 9900
Fax: +44 (0) 115 989 9902

Irish Association of Credit Professionals
121 Lower Baggot Street
Dublin 2

Phone: +353 1 659 9466
Mobile: +353 87 244 7052 (Declan Flood)

Posted “By Mike Armstrong#
Credit Industry Consultant and Credit Services Broker & Solutions Provider in Wales but covering the UK!