NAMA spends €30bn on 11,500 loans

NAMA has revealed it paid over €30 billion to acquire 11,500 loans during its first full year of operation in 2010.

NAMA said the loans acquired from the five participating banks — AIB, Bank of Ireland, EBS, Irish Nationwide and Anglo — had a nominal value of €71.2bn, which meant it had applied a discount of 58%.

In its first annual report, published yesterday, the so-call “bad bank” recorded an operating profit of €305m last year and a further €91m profit for the first quarter of 2011.