irish government to buy bad mortgage loans
News Posted On: 21 September 2009
Irish government is to buy bad mortgages as part of its National Asset Management Agency aimed at stimulating mortgage lending in the country.
Brian Lenihan, the minister of finance, is meeting with his cabinet today to decide the price at which Nama will purchase property loans from banks.
The bonds that will be issued to fund its purchase of loans is expected to be in the region of around £53bn, implying a one-third discount.
Various trade unions in Ireland, such as Siptu and the Technical Engineering, are expected to protest against the controversial Nama plans.
In a joint statement, TEEU general secretary designate Eamon Devoy and Siptu general president Jack O'Connor said: "The debts recklessly incurred by greedy bankers are being shifted onto the shoulders of the taxpayers while PAYE workers are being thrown to the wolves by the government."
This is simply the Irish equivalent to the UK bank bailouts we saw a few months back. The Irish property market is still struggling to escape the freefall it has been in for almost 2 years now.
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