NAMA completes transfer of first AIB loans
The National Asset Management Agency (NAMA) has completed the transfer of the first tranche of loans from Allied Irish Banks.
NAMA acquired loans from AIB with a nominal value of €3.29bn in exchange for NAMA securities with a value of €1.9bn.
Following the completion of all data checks and taking account of foreign exchange movements the discount applied to the first tranche of AIB loans has been amended to 42% from the 43% originally indicated.
The first tranche of loans has now been transferred from Bank of Ireland, EBS Building Society and Irish Nationwide, as well as AIB. Loans will be acquired from Anglo Irish Bank in the coming weeks.
NAMA expects to complete the transfer of the remaining loans from all five institutions by the end of the year and no later than end February 2011, the deadline set by the EU Commission.
In total, NAMA anticipates that it will purchase €81bn of loans.
