The Irish state will pay €54bn ($79bn) to take over bank debt worth €77bn to cleanse the sector’s toxic assets, Brian Lenihan, the finance minister, said on Wednesday as he opened the second reading on the bill establishing the National Asset Management Agency. The plan, under which Nama will issue the banks with bonds and subordinated debt to take over distressed loans, has drawn criticism from political and business groups.

This entry was posted by Gwen Robinson on Thursday, September 17th, 2009 at 4:35 and is filed under Capital markets, People. Tagged with Nama. Edit this entry.