State readies itself for €77bn NAMA gamble

THE process of saddling the taxpayer with €77 billion of high-risk property and development loans will begin next month following EU approval for the Government’s bank bailout scheme.

The European Commission yesterday gave its blessing to the National Asset Management Agency (NAMA), saying it was “key” to cleaning up the banks’ balance sheets and returning the financial market to full health.

However, there was further bad news on the jobs front with the announcement that Postbank, which operates in about 1,000 Irish post offices, is to pull out of the country by the end of the year.