Chairman: BOI expects 30% discount on NAMA loans

Bank of Ireland Chairman Pat Molloy has told a shareholders' EGM that the bank expects a discount of around 30% on the loans it will transfer to NAMA.

Bank of Ireland Chairman Pat Molloy has told a shareholders' EGM that the bank expects a discount of around 30% on the loans it will transfer to NAMA.

Some €16bn of risky loans will be transferred off the bank's balance sheet if it approves entry into the National Asset Management Agency.

The EGM has heard repeated calls on the bank to support the governor of the Central Bank who has suggested there should be an inquiry into the banking collapse.

But Pat Molloy has told shareholders that it is not up to the bank to inititiate an inquiry.

"We clearly see that (the inquiry) as a matter for Government," Mr Molloy said.

"If there is an inquiry of course we will cooperate with it fully, but it is not for us to determine whether or not there should be."

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