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. there is more