More loans for NAMA
A FURTHER 20,000 small loans from Bank of Ireland and AIB may be transferred to the National Asset Management Agency (NAMA) after the amendment to legislation.
The Bill provides a legislative framework for the transfer to NAMA of land and development loans previously excluded on the basis that they were valued below a threshold of €20m.
Originally NAMA was to acquire all land and development loans valued above €5m from Bank of Ireland and AIB, but this was increased in September to €20m.
But the removal of this threshold was agreed with the EU and IMF in November as part of the bailout package.