Friday 21 July 2017

NAMA needs tweaking or it could destroy us

Finance Minister Brian Lenihan, pictured with Brendan McDonagh, interim managing director of NAMA, who have the task of
digging the banks out of the huge hole they created for themselves
Finance Minister Brian Lenihan, pictured with Brendan McDonagh, interim managing director of NAMA, who have the task of digging the banks out of the huge hole they created for themselves

Constantin Gurdgiev

The proposal, as it stands, will result in the creation of an opaque and ungovernable structure

Government proponents in the debate on Nama present the public with no alternative but to either reject the entire Nama legislation or to accept it as published. This tactic attempts to deflect the debate away from the main shortcomings of the current proposal.

There is, however, another option -- an option of fixing Nama legislation to minimise the expected losses to taxpayers and bringing about transparency and accountability to its operations. Let's call it Nama Trust.

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