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Irish "bad bank" won't deal with small loans-Fin Min

Wed Jul 8, 2009 10:20am EDT

DUBLIN, July 8 (Reuters) - Ireland's Finance Minister said on Wednesday that the country's "bad bank" would not manage small non-performing property loans.

Brian Lenihan was asked by an opposition deputy whether the National Asset Management Agency (NAMA) would deal with loans with a nominal value under 5 million euros ($6.96 million) each.

"The number of loans being directly being managed at NAMA will not cover of all of the loans otherwise a huge administrative burden would be imposed on NAMA," Lenihan told parliament.

"There will be cutoff point in terms of the size of the loans being worked out directly by the new agency."

A Reuters exclusive earlier this month said NAMA would likely only accept loans with a nominal value over 5 million euros each. [ID:nDUB000990] ($1=.7184 Euro) (Reporting by Carmel Crimmins; Editing by Hans Peters)



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