Details of Nama-style firm to be unveiled today

Details of a plan by two Irish businessmen to set up a Nama-style company to buy impaired loans are set to be unveiled this morning.

The Asset Resolution Corporation is being set up by property fund manager Kevin Warren and former Bank of Scotland (Ireland) chief executive Mark Duffy.

They plan to buy billions of euros worth of impaired loans at a discounted price from foreign banks operating in Ireland.

They then hope to manage the loans and eventually make a profit on the deal at a later stage.

Reports over the weekend said several billion euros of investment money had already been pumped into the enterprise.