![\"Ireland\"](\"http:\/\/static.businessinsider.com\/image\/4b740f510000000000d25083-311-233\/ireland.jpg\")
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The Irish government has started its massive asset purchase program with a bang.<\/p>\n
Anglo Irish Bank has had 5 billion euros ($6.75 billion) taken over by NAMA<\/a>, the National Asset Management Agency, at a 50% discount<\/a>.<\/p>\n The acquisitions also target other major Irish banks which have been crushed in the country’s economic downturn, including Bank of Ireland and Allied Irish Bank Plc.<\/p>\n 65% of all the loans acquired are backed up by property investments. While 58% of today’s acquired loans are based in Ireland, a surprising 38% are backed by British investments.<\/p>\n This is a clear indication of just how adventurous Irish banks were in the already well developed British lending markets during the height of the economic boom.<\/p>\n The government’s aim is to utilize the NAMA program to nationalize<\/a> the bad assets on bank books encouraging private banks to start lending to the market.<\/p>\n