Nama to wipe out its €30bn debt three years early

The so-called bad bank set up to clear toxic property loans from five banks is to wipe out its €30 billion debt three years ahead of schedule.

Finance Minister Paschal Donohoe said it was a remarkable achievement and a landmark day in the turnaround in the Irish economy since the international bailout in 2010.

The creation of the National Asset Management Agency (Nama) was announced in 2009 with tens of billions of cash set aside to buy property linked loan books from the five main Irish lenders at a massive discount.