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360m euros of loans made to Northern Ireland developers have now been transferred to the Irish republic's "bad bank", Nama.

Nama said on Monday it had taken on loans with a book value of almost 12bn euros in a second round of loan transfers from the Dublin-based banks.

Three per cent of those loans related to Northern Ireland.

Nama is taking on development related loans of more than 5m euros from the banks to restore their viability.

Although Nama is thought of as a way of removing "toxic" loans from the banks it is also taking over good or "performing" loans - those which are being repaid and earning money.

It is not known which developers loans have been transferred to Nama.

Up to 5bn euros of loans, held by 150 institutions and individuals in Northern Ireland, are ultimately expected to move into Nama.