There may not be any legislation yet but NAMA has a website. It provides an example of how NAMA will buy loans from the banks using a “purely illustrative” example of a 25% discount. It has been widely reported that AIB would be selling €30 billion in loans to NAMA. A writedown of €7.5 billion would wipe out essentially all core Tier 1 (shareholder) capital, so this is an interesting illustrative example.
Update: Patrick correctly points out that the illustration is of a €25 million writedown of a €65 million loan for a property originally worth €100 million. So indeed it’s a 38.5% discount. I know it’s just an example but it’s interesting all the same.