The National Asset Management Agency (Nama) has completed the transfer of the second tranche of loans from four of the participating financial institutions.
Nama has acquired loans with a face value of €5.2 billion from Allied Irish Banks (AIB), Bank of Ireland, Irish Nationwide Building Society and EBS for €2.7 billion, representing an average discount of 48 per cent.
This is slightly lower than the 50 per cent discount paid on the first tranche of loans in which were transferred in May.
Loans being transferred from Irish Nationwide are facing the most severe discount.
The agency is acquiring loans with a nominal value of €591 million from the lender in exchange for €163 million, a discount of 72.4 per cent.
The agency is also acquiring loans with a nominal value of €2.73 billion from AIB in exchange for securities valued at €1.40 million, a discount of 48.5 per cent.
Bank of Ireland is exchanging loans of €1.82 billion for €1.13 billion, a 37.8 per cent discount.
EBS Building Society is transferring loans with a nominal value of €35.9 million in return for €19.3 million in Nama securities, a 46.4 per cent discount.
A spokesman for Nama said additional loans from Anglo Irish Bank would be acquired within a few weeks when the due diligence process had been completed.