Irish Finance Minister Brian Lenihan says the government will acquire &#8264;lion ($110 billion) in defaulting property loans from Ireland's struggling banks -- and pay 30 percent less. Lenihan revealed the price tag on Ireland's bail-bailout plans as the government opened debate Wednesday on a complex bill to create Ireland's 'bad bank,' the National Assets Management Agency. Lenihan says the agency will pay five Irish banks &#8264;lion in government-backed bonds. In exchange, the agency will take ownership of &#8264;lion in delinquent debts. He says the assets backing the loans are worth just &#8264;lion today, reflecting a 50 percent fall in property prices since 2007. The government expects prices to recover once Ireland's recession ends. 