Press Release: State aid: Commission approves Irish impaired asset relief scheme

The European Commission approved on 26 February 2010, under EU state aid rules, the establishment of the National Asset Management Agency (NAMA), an impaired asset relief scheme for financial institutions in Ireland. The Commission is satisfied that the scheme is in line with its guidelines on impaired asset relief for banks that allow state aid to remedy a serious disturbance in a Member State's economy. The scheme will help address the issue of asset quality in the Irish banking system and promote the return to a normally functioning financial market.

Ireland: Department of Finance: Press Release, 26.2.10: Minister for finance welcomes European Commission approval for National Asset Management Agency http://www.finance.gov.ie/viewdoc.asp?DocID=6221&CatID=1&StartDate=1+January+2010&m=n

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