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Irish "bad bank" to pay 8.5 bln eur for first loans

DUBLIN, March 30 (Reuters) - Ireland’s “bad bank”, the National Asset Management Agency (NAMA), said it would buy a first batch of loans with a nominal value of 16 billion euros ($21.61 billion) for 8.5 billion euros, representing an average discount of 47 percent.

In a statement on Tuesday, it said it had completed the transfer of a first tranche of loans from two building societies.

It said it expected to complete the transfer of loans from all five affected institutions -- Bank of Ireland BKIR.I, EBS Building Society [EBSBS.UL], Irish Nationwide Building Society [IRNBS.UL], Allied Irish Banks ALBK.I and Anglo Irish Bank [ANGIB.UL] by the end of the year and no later than end February 2011, the deadline set by the EU Commission. ($1=.7403 Euro) (Reporting by Andras Gergely and Barbara Lewis; Editing by Jon Loades-Carter)

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