Ireland Gets Extension To Wind Down Crisis-Era 'Bad Bank'

Law360, London (July 25, 2019, 4:47 PM BST) -- The European Commission said Thursday that it has signed off a request from Irish authorities under European state aid rules to extend the tenure of the country’s “bad bank” until 2025.

The extension gives the Irish government another four years to wind down the Irish National Asset Management Agency, which was created in 2009 in the wake of the financial crisis to take over the portfolios of distressed debts, secured by land and development, from five Irish banks.

“The extension will enable NAMA to wind down its limited residual loan portfolio to obtain the best achievable financial return for the Irish...

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