Bank of Ireland has called an extraordinary general meeting of shareholders for early next year at which they will be asked to approve its participation in the National Asset Management Agency (Nama).

The meeting is to be held on January 12th in the O’Reilly Hall at UCD.

Bank of Ireland estimates it will be transferring loans worth €16 billion to the agency if shareholder approval is granted.

It believes it will receive approximately €11.2 billion in return.

The bank told shareholders at the end of November that the 30 per cent discount “represents the maximum loss likely to be incurred on the sale of loans to Nama”.