NAMA to spend €37bn on bad loans

THE total amount that NAMA will spend on tainted bank loans will amount to around €37 billion, it was confirmed yesterday.

To date, NAMA has spent just over €30bn on loans from the five relevant institutions and yesterday’s revised figure takes into consideration an extra €12bn worth of additional loans that will be taken from AIB and Bank of Ireland.

The agency also said that comments from Anglo Irish Bank chairman Alan Dukes — suggesting that €75bn would be needed to fund the current NAMA operation and that a secondary body would be needed to absorb further bad bank loans — are “not correct”.