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Developers' land deal?

Developers are being encouraged by the State's main banks to take advantage of a boost in Britain's property market to recover loans before they are sold to the National Asset Management Agency (Nama).

Some 20pc of the €80bn in loans to be acquired by Nama are in Britain and some builders have been encouraged to sell land there as the banks believe they will receive a better deal than if they were sold at a discount to Nama.

AIB and Bank of Ireland said no formal strategy was being pursued where they were urging developers to sell land and investment assets.