€3.5bn Loans worth nothing
Of the €3.5 billion worthless loans bought by Nama during its start-up phase, Euro 2.5 billion originated from Anglo Irish Bank, writes Ian Kehoe.
The boom-time profligacy of the Irish banks is again exposed by new figures showing that loans totalling €3.5 billion were transferred to the National Asset Management Agency (Nama) for no consideration whatsoever.
Having assessed the paperwork and security underpinning the loans, the state's bad bank decided that the loans had no value and acquired them for free, according to new data released by the Department of Finance.
Some €2.5 billion of the worthless loans originated...
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