NAMA completes transfer of second batch of bank loans for €2.7bn

NAMA completes transfer of second batch of bank loans for €2.7bn

The National Asset Management Agency (NAMA) has completed the transfer of the second batch of loans from AIB, Bank of Ireland, Irish Nationwide Building Society and EBS.

The Agency has acquired loans with a basic value of €5.2bn.

NAMA securities with a value of €2.7bn have been issued to the four institutions.

This represents an average discount of 48% for the four banks on this tranche. A discount of 72.4% was applied to the Irish Nationwide Building Society loans, and 37.8% to the Bank of Ireland loans. The EBS loans attracted a 46.4% discount, while AIB loans had a 48.5% discount applied.

To date, some €20.5bn of loans have been acquired for €10.4bn.

Meanwhile, businessman Paddy McKilllen is challenging the constitutionality of Nama over the proposal to transfer €80m of his companies' loans to the agency.

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