Ireland’s National Asset Management Agency (NAMA) will obtain about €12 billion of loans from Allied Irish Banks and Bank of Ireland, The Wall Street Journal reports. The loan facility will be part of Ireland’s deal with the European Union and International Monetary Fund.
NAMA has already got €71.2 billion of loans for €30.2 billion by 2010 and will get additional residual loans of €5 billion at a similar discount in early 2011. NAMA requires about €75 billion to fund its existing operation and to launch NAMA II.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.