BANKRUPT BANKER
Ireland's 'bad bank' NAMA becomes one of world's biggest property lenders | Business | The Guardian
Wednesday 22 December 2010
Ireland's 'bad bank' NAMA becomes one of world's biggest property lenders | Business | The Guardian: "reland's controversial new 'bad bank' has overnight become one of the biggest property banks in the world after it completed the acquisition of developers' loans worth more than €70bn (£59bn).
The National Asset Management Agency now controls the loans on hotels, housing estates, shopping centres and development sites across Ireland, the UK, mainland Europe and elsewhere, including part-ownership of landmark sites such as Battersea power station.
The agency, which is charged with clearing Ireland's debt mountain, has the legal right to acquire every single land and development loan from the five main banks in the country.
The details from NAMA were released as the euro fell to a record low against the Swiss franc after Moody's downgraded some Irish and Spanish banks, fuelling investors' fears about the capacity of these troubled countries to pay their debts."
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