Dec 10
22
Published by The Guardian
on Tuesday, 21 December 2010 by # Lisa O’Carroll and Elena Moya
on Tuesday, 21 December 2010 by # Lisa O’Carroll and Elena Moya
National Asset Management Agency takes over developers’ loans worth €70bn, acquiring some of London’s best-known landmarks including Battersea power station
Ireland’s controversial new “bad bank” has overnight become one of the biggest property banks in the world after it completed the acquisition of developers’ loans worth more than €70bn (£59bn).
The National Asset Management Agency now controls the loans on hotels, housing estates, shopping centres and development sites across Ireland, the UK, mainland Europe and elsewhere, including part-ownership of landmark sites such as Battersea power station.
The agency, which is charged with clearing Ireland’s debt mountain, has the legal right to acquire every single land and development loan from the five main banks in the country.
