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Ireland tweaks

Source: Reuters - Fri 9th Oct 2009

Ireland's government has altered legislation creating a "bad bank" to include the threat of a levy on lenders if the newly created National Asset Management Agency (NAMA) makes a loss after 10 years.

"The government has always made clear that in the event that NAMA were to make a loss over the long term, which is not expected, then a levy would be introduced on the financial institutions" the department of finance said on Friday.

"The government has decided to make provision for such a levy, on a precautionary basis."

"Any such levy would arise only if NAMA has made a loss on its eventual wind up or after 10 years and would be carefully judged so as not to disrupt the stability and sustainability of the banking system."

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