Second transfer of Anglo loans to NAMA

Updated: 22:25, Monday, 23 August 2010

The National Asset Management Agency has completed the transfer of a second batch of loans from Anglo Irish Bank.

1 of 1Anglo Irish Bank - NAMA paid €2.57bn for loans
Anglo Irish Bank - NAMA paid €2.57bn for loans

NAMA said it paid €2.57bn for loans originally valued at €6.75bn on Anglo's books, which is a discount of 61.9%.

This means the second batch of loans from all five financial institutions has now been completed.

NAMA said it had now taken on more than 3,500 loans in total, paying €13bn for loans with a nominal value of €27.2bn.

The agency has paid just under half of what the loans were worth on the banks' books.

It said that the third transfer of loans, which have a nominal value of €12bn, should be completed by the end of September.

A breakdown of the second batch of loans showed that half were from Ireland, while 44% were from Britain or the Channel Islands.

NAMA also said that so far it had taken on 48 loans that were secured on hotels, 35 in Ireland and 13 outside Ireland.

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