May 26, 2009 / 2:17 PM / 11 years ago

Ireland to clarify "bad bank" levy

DUBLIN (Reuters) - The Irish government will clarify the basis on which it will charge a levy to compensate for potential taxpayer losses from taking over banks’ risky loans, Finance Minister Brian Lenihan said on Tuesday.

“The basis for this levy will be made clear and the government’s intentions will be outlined,” Lenihan told a parliamentary hearing.

Earlier on Tuesday, the interim head of the new National Asset Management Agency said the level of the levy would only be decided at the end of the operations of the ‘bad bank’ scheme. NAMA is expected to operate for 10-15 years.

Reporting by Carmel Crimmins; writing by Andras Gergely

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