February 9, 2011 / 12:30 PM / 8 years ago

NAMA to acquire 12 bln euros of Irish bank loans

DUBLIN, Feb 9 (Reuters) - Ireland’s National Asset Management Agency (NAMA) will acquire additional loans with a nominal value of 12 billion euros from Allied Irish Banks ALBK.I and Bank of Ireland BKIR.I, the state-run group said on Wednesday.

Under an EU/IMF bailout deal, Ireland agreed to extend its purge of risky commercial property loans from lenders to include land and development loans valued at under 20 million euros from its two main banks.

The government had previously said the nominal value of such loans would be under 16 billion euros.

NAMA said on Wednesday that at the end of its purchase programme it will have spent 37 billion euros acquiring loans with a nominal value of 88 billion euros, meaning that it discounted the loans, written during a disastrous property bubble, by 58 percent. (Reporting by Carmel Crimmins; Editing by Greg Mahlich)

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