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Ireland's "bad bank" reports 473-mln-euro profit in half year

Xinhua, October 22, 2015 Adjust font size:

Ireland's National Asset Management Agency (NAMA), the country's state-owned "bad bank", said Wednesday it reported a profit of 473 million euros (about 534 million U.S. dollars) in the first half of the year.

In its half-yearly report, the agency said it generated 5.3 billion euros in cash in the first nine months, bringing total cash generated to 29 billion euros since it was established six years ago.

NAMA was set up in 2009 as one of a number of initiatives taken by the Irish government to address the serious crisis in Irish banking which had become increasingly evident over the course of 2008 and early 2009.

Since its inception, NAMA has now redeemed 21 billion euros or 70 percent of the total senior debt it issued. (1 euro = 1.13 U.S. dollars) Endit