BRUSSELS (Reuters) - The European Commission on Thursday said it had cleared the Irish National Asset Management Agency (NAMA) in an investigation into whether it benefited from illegal state and had given unfair advantages to certain property developers.
The investigation was the result of certain developers complaining to the Commission, which acts as the competition supervisor in the European Union, that NAMA was extending loans at very favourable rates to its existing creditors.
The Commission said its investigation showed that NAMA, which was set up at the height of the Irish credit crisis of 2009, had acted like a private investor and its decisions had been in the best interest of the Irish tax payer.
“Our assessment shows that NAMA’s activities did not breach EU rules,” Competition Commissioner Margrethe Vestager said in a statement.
Reporting by Robert-Jan Bartunek; editing by Philip Blenkinsop