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Irish Banks To Handle Small Toxic Loans
Allied Irish Banks and Bank of Ireland will be winding down a combined €12 billion ($17.09 billion) of smaller toxic loans rather than transfer them to Ireland’s National Asset Management Agency, reports Reuters.
Allied Irish Banks and Bank of Ireland will be winding down a combined €12 billion ($17.09 billion) of smaller toxic loans rather than transfer them to Ireland’s National Asset Management Agency. The loans were to be moved to NAMA under terms of an €85 billion ($121.04 billion) bailout of the Irish banking sector last year, but now the mainly under €20 million ($28.48 million) land and development loans will stay put as the Central Bank of Ireland has identified them as non-core assets.