Agency vows to protect taxpayers

NAMA said it will take whatever actions necessary to protect the interests of the taxpayer as it moved to take over the first batch of €81 billion worth of loans from the country’s banks.

NAMA will pay an average discount of 47% on the first block of loans it is buying from the financial institutions. This discount is well ahead of the Government’s initial 30% estimate.

It will apply this discount to a €16bn value on 1,200 loans being taken over in the first tranche.