Ireland to spend €77 billion on bad banks

The National Asset Management Agency (NAMA), Ireland's bad bank, is to spend about €77 billion-worth ($114 billion) of state funds on its bad bank scheme, it was announced Wednesday.

Brian Lenihan, Ireland's finance minister, said the funds will be split between Allied Irish Bank, which is expected to receive €24 billion; Anglo Irish Bank, to receive €28 billion; Bank of Ireland, to receive €16 billion; EBS, to receive €1 billion; and INBS, which will get €8 billion.

Of the €77 billion, 36% is e

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