Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Irish govt to stagger

Source: Reuters - Thu 27th Aug 2009

Ireland is considering holding back some of the payments to be given to banks who transfer property loans to a state-run asset management agency, the Irish Independent newspaper reported on Thursday.

The newspaper, citing government sources, said Finance Minister Brian Lenihan was examining a number of ways to protect the taxpayer, including staggering tens of billions of euros inpayments to Bank of Ireland, Allied Irish Banks and other lenders.

Rather than giving a lump sum up front to the banks for their risky property loans, part of the payment would be heldback and only paid if the National Asset Management Agency's (NAMA) assets were giving a return, the newspaper reported.

The newspaper quoted Lenihan as saying a two-part pricing schedule was being looked at.

"Yes, that is one of the options. There are a number of options. I'd prefer not to go into them" he told the newspaper.

The Irish Independent also said Lenihan would give more information on the purchases of property loans with a nominal value of 90 billion euros when he introduces legislation setting up NAMA to parliament on Sept. 16.

The newspaper said in addition to the total to be paid for the banks' development loans, Lenihan may also give the amount for each bank separately and the loss this will mean for each institution.

Comment on this Story

Be the first to comment on this Story !!

Recommended Items