The International Monetary Fund has given a positive response to the Government's bank recapitalisation programme and to the transfer of the first loans to NAMA.
Speaking in Washington yesterday, IMF Deputy Director Gerry Rice said the Government's extensive and on-going support has been vital in maintaining stability.
He said the establishment of the National Asset Management Agency and the transfer of assets this week represent important steps.
He noted that the Government was now providing substantial assistance to Irish banks and said that to ensure banks can withstand future losses the Government had moved in the right direction by requiring additional capital to cover additional risks.
Meanwhile, NAMA has completed the transfer of the first loans from Bank of Ireland, with a nominal value of €1.93 billion.
NAMA securities with a value of €1.26 billion were issued to Bank of Ireland today.
The Agency has now transferred the first the of loans from three of the five participating institutions. Loans will be acquired from the two remaining institutions - Allied Irish Banks Plc and Anglo Irish Bank - in early April.
