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Ireland Agency To Invest $5B in Loans, Construction

DUBLIN-The agency will invest $2.5 billion to build up properties, and another $2.5 billion in purchasing loans, as it works to resolve its acquired Irish bank debt by 2020.

By Robert Carr | Updated on May 23, 2012

DUBLIN-As concerns about Greece continue, Irish woes appear to be looking up. Frank Daly, chairman of the National Asset Management Agency, said at an event this morning that the agency plans to invest $2.5 billion through 2016 to complete construction work of distressed commercial and residential properties and to develop greenfield sites in the country.

The agency was formed by the Irish government in 2009 to shepherd the country’s banks through the debt crisis. Daly said that there are more and more indications that the country, and with it some important segments of the property market, have turned the corner.

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