Ireland releases “bad bank” proposals

Ireland's finance ministry on Thursday unveiled draft legislation on its bad-bank set up.

Under the proposals for a bad bank, named the National Asset Management Agency (NAMA), the government would buy loans from from the riskiest parts of banks' portfolios at a "significant discount". These are land and development loans - a relic of Ireland's property bubble - and certain associated loans.

Brian Lenihan, the country's finance minister, said: "There is nothing in the proposed bill that will pro

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