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EU clears risky asset transfer to NAMA

Tuesday, July 29 12:20:08

The European Commission has authorised, under EU state aid rules, the transfer of the last tranches of risky financial assets resulting from the Irish property bubble (from tranches 3 to 9) to NAMA.

The Commission found this transfer to be in line with the approved scheme and with its guidance on the treatment of impaired assets.

In particular, the transfer satisfies predefined transparency and disclosure requirements, the assets fulfil the criteria for participation in the scheme and their valuation complies with the requirements of the Commission's guidance and results in adequate burden sharing, the EU commission said.

According to the Department of Finance's figures, The transfer of tranche 1 (E15.3 billion) and tranche 2 (E12 billion) completed in May and August 2010 respectively. A bulk tranche transfer of E44 billion of loans completed in December 2010 with remaining smaller final tranches of outstanding borrowings totalling E2.8 billion completing in March and October 2011.

The Dept applied to the EU Commission for permission back in February of this year.

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