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 Post subject: Project Eagle sale a sharp reminder of price taxpayer paid
PostPosted: Sun Mar 19, 2017 6:52 pm 
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Report into Project Eagle sale a sharp reminder of price taxpayer paid - -> http://www.irishtimes.com/business/comm ... -1.3012032

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In total, the par value of the loans extended to Northern Ireland borrowers amounted to €5.38 billion at the time of their transfer to Nama in 2010 and 2011. Some 46 per cent or €2.5 billion had been extended by Anglo Irish Bank, with 21 per cent or €1.1 billion by AIB, 30 per cent or €1.6 billion by Bank of Ireland and €180 million by INBS.

Nama valued the loans for acquisition using a methodology agreed with the European Commission. This involved a discount of €2.75 billion being applied to the borrowings, a cost borne largely by taxpayers but also by shareholders in the banks.

A hefty discount of 86 per cent was applied to the loans extended by INBS with the result that they were valued at just €20 million.

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 Post subject: Re: Project Eagle sale a sharp reminder of price taxpayer pa
PostPosted: Tue Mar 21, 2017 11:58 am 
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From the same article
The Irish Times wrote:
..... to bring Nama’s total proceeds from its Northern Ireland debtors to €2.02 billion. This amounted to just 36 per cent of the original value of the loans, or combined losses of €3.55 billion.

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