Tuesday 26 September 2017

Ivan Yates: Why we as taxpayers have a right to see proof NAMA is getting best deals

The Treasury Building on Grand Canal Street Lower where NAMA is based
The Treasury Building on Grand Canal Street Lower where NAMA is based
Ivan Yates

Ivan Yates

The National Asset Management Agency was described by Enda Kenny initially as "unwise", "unfair" and a "double or quits gamble" by the previous Fianna Fail government. Fine Gael, having voted against the legislation in 2009, promised repeatedly to make it more transparent. That was then, this is now.

No reform. It looks like nothing will change. No alteration in organisation, strategy or policy. Except the Nama bet is to be enlarged. It originally acquired €71bn of loans at a cost of €31bn in government bonds. It is set to inherit the unsold assets of Anglo Irish Bank and Irish Nationwide Building Society from May of this year through a special purposes vehicle subsidiary, the National Asset Resolution Ltd.

The liquidator of IBRC, KPMG, should by then have concluded their attempts to sell the residual loans valued at €22bn.

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