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Fri 05 May 2009New bank firms to deal with toxic loans
THE GUARANTEED banks and building societies will be asked to establish subsidiary companies to administer the toxic property loans being transferred to the State’s “bad bank”, Nama.
Under plans being devised by a steering committee established by the Government to create Nama (the National Asset Management Agency), the agency will request that each financial institution create so-called special purpose vehicle (SPV) firms to work on the loans within each of the lenders.
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