Northern Ireland

Peter Stewart, Nama's NI operations boss resigns from role

The man who oversaw the operations of the National Assets Management Agency (Nama) in NI has resigned.

Nama has taken control of virtually all land and development loans which were advanced by the Dublin-based banks, including £3.5bn of property loans in Northern Ireland.

Peter Stewart, who resigned on Tuesday, chaired the Northern Ireland advisory committee.

The chairman of Nama, Frank Daly, will take over the role temporarily.

Mr Daly tanked Mr Stewart for his service on the board during what he called "an exceptionally busy and challenging period".

Nama was set up by the Irish government to deal with bad debts and allow banks to start lending again.

Essentially, it created a "bad bank" to remove toxic assets from the banking system.

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