| Author (Person) | Smyth, Jamie |
|---|---|
| Series Title | Financial Times |
| Series Details | 8.12.11 |
| Publication Date | 08/12/2011 |
| Content Type | News |
|
A secret report into the operations of Ireland’s National Asset Management Agency, the state agency set up to purge Irish banks of their toxic property loans, recommended in December 2011 that the government should consider selling it off as a single entity. Nama was set up by the previous Fianna Fail-led government in the wake of Ireland’s property and banking crisis, which forced the country to accept a €67.5bn bail-out by the European Union and International Monetary Fund in 2010. By removing toxic loans from banks’ balance sheets the government hoped to restore the banking sector to health, enabling credit to flow to businesses and consumers. The agency, which is now one of the biggest property companies in the world, hoped to turn a profit by selling the loans or properties linked to the loans over a period of 10 years. But it faced an uphill task as commercial and residential property prices fell by 60% in parts of Ireland. |
|
| Related Links |
|
| Countries / Regions | Ireland |
