Both AIB (Allied Irish Banks) and Bank of Ireland announced today that EGMs (extraordinary general meeting of shareholders), will be held in coming weeks, to approve participation in the State’s “bad bank,” NAMA (National Assets Management Agency). Both banks signalled they expected that property loans will transfer at a discount of about 30%.
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- NAMA says only 25% of loans generating interest; Estimated profit/loss scenarios from +€3.9bn to a loss of -€0.8bn
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