The Irish government’s bad bank, which plans to buy up impaired commercial property loans worth billions of euros from Irish lenders, will not engage in 'fire sales' of the large property holdings it will control in Britain, said Brian Lenihan, Ireland’s finance minister, yesterday.

Publishing draft legislation that would legally establish the so-called National Asset Management Agency, the bad bank agency set up on an interim basis since April, Mr Lenihan detailed powers to buy up to €90bn (£76bn) of property loans.

Financial Times