Irish "bad bank" to hit equity holders first-PM

DUBLIN, July 15 (Reuters) - The valuation of assets taken over by Ireland's National Asset Management Agency will ensure shareholders are first to take a hit, followed by debt holders and taxpayers, Prime Minister Brian Cowen said on Wednesday.

"We'll use a valuation methodology that ... will see that the first people who take the hit are the shareholders, next the people who have the debt and the next people who take the hit are the taxpayers," Cowen told Newstalk radio in an interview.

Taxpayers will also be protected as the 'bad bank' will hold on to the assets as long as required to make a return on them, Cowen added.

(Reporting by Andras Gergely; editing by Simon Jessop)