AIB shareholders back "bad bank" participationShareholders in Ireland's Allied Irish Bank on Wednesday approved the group's participation in a state-funded "bad bank" to buy high-risk bank property loans. Under the arrangement, AIB will sell assets to the National Assets Management Agency (NAMA) worth 24 billion euros (34 billion dollars). They are to be purchased with a 30 percent discount, with AIB receiving 17 billion euros from the NAMA. Ireland's banks have been ravaged by the global financial crisis, a domestic property market meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb and a deep recession. In response, the NAMA program is to buy toxic bank property loans, which soured during the country's recession, worth a total book value of 77 billion euros. The agency will use taxpayers' money to buy the loans at a discount. The NAMA is also expected to buy loans worth 16 billion euros from the Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann as well as 28 billion euros' worth of risky assets from Anglo Irish Bank Anglo Irish Bank Corporation plc (Irish: Banc Angla-Éireannach) ISEQ: ANGL, LSE: ANGL, FWB: CKL, is a bank based in Ireland, listed on both the Irish Stock Exchange and the London Stock Exchange, and headquartered in Dublin. , which was nationalised last January. With the discounts, the state should pay an overall total of 54 billion euros for the assets. 
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