NAMA transfers €2bn problem loans from BoI

THE National Asset Management Agency (NAMA) has begun another major bank bailout, clearing Bank of Ireland of almost €2 billion in problem loans held by developers.

NAMA has now initiated three major loan takeovers, having already transferred €140 million in loans over from EBS and €670m from Irish Nationwide Building Society last week.

The biggest takeovers have yet to take place. Loans valued at €10bn from Anglo Irish Bank and loans totalling €3.29bn from Allied Irish Banks are to be transferred to NAMA in the next fortnight.