Nama to issue €6 billion to Anglo in blind transfers

Anglo Irish Bank will be paid more than €6 billion for the last set of loans it transfers to the National Asset Management Agency (Nama) before the agency has a chance to assess their true value.

2nd October, 2010

Anglo Irish Bank will be paid more than €6 billion for the last set of loans it transfers to the National Asset Management Agency (Nama) before the agency has a chance to assess their true value.

The decision will allow Anglo to use newly-issued Nama bonds as collateral for fresh borrowing from the ECB, in an effort to ease its increasingly stretched liquidity position.

The agency will pay for the loans upfront, despite its previous...

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