Sunday 28 May 2017

How can Nama cure our mad, broken banks?

Financial institutions and developers were living in a 'delusionary fantasyland', writes Daniel McConnell

ON A MISSION: Frank Daly, Nama Chairman, left and Brendan McDonagh, Nama Chief Executive, gave a rare insight into the
workings of the State agency last week
ON A MISSION: Frank Daly, Nama Chairman, left and Brendan McDonagh, Nama Chief Executive, gave a rare insight into the workings of the State agency last week

Last Thursday, amid all the clamour of the IMF/EU takeover, the heads of another controversial institution, Nama, made a rare public appearance in front of the Dail's Public Accounts Committee.

Emerging from behind the veil of secrecy that enshrouds it, Chairman Frank Daly and CEO Brendan McDonagh detailed how the contentious and secretive asset management agency has been operating since its inception.

During almost four hours of testimony, what we heard was a shocking catalogue of deceit, lies, incompetence and fraud on the part of the banks and developers towards the State's recovery agency.

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