Irish Central Bank Signals More Asset Transfers

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Irish Central Bank Signals More Asset Transfers → online.wsj.com/article/SB1000142 … 83378.html

DUBLIN—Ireland’s banks could be forced to transfer billions more euros in healthy assets to a new National Asset Management Agency or an extension of the existing agency, raising the prospect of further discounts, the Central Bank of Ireland confirmed Thursday.

A spokesman for the central bank said it was in the process of examining a number of options for the restructuring of the country’s banking system this year, which includes a so-called “good bank/bad bank” for holding both healthy and toxic assets.

An extension of NAMA allowing it to purchase noncore assets raises the risk of further discounts for the participating financial institutions during the restructuring phase of their balance sheets, analysts say, making the task of estimating normalized earnings and margins increasingly difficult.

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