Less than six months ago, Eugene Sheehy, chief executive of AIB, said the bank would rather die than raise equity. Last week, finance minister Brian Lenihan announced the establishment of a new national asset management agency (Nama), which will purchase somewhere between €25 billion and €30 billion of AIB’s development and commercial property loans.
The ultimate losses likely to be incurred by Nama in years to come will be borne by the taxpayers...
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