Nama seemed to offer properties without any analysis of suitability
No-one doubts the challenge Nama faced when it was established in 2009, taking control of 12,000 loans with 60,000 properties as security.
But more than two years later, it appeared not to have a handle on the types, condition or location of many of the units under its control.
It seems the agency's approach was to identify properties in a particular area and offer them to councils without any analysis of their suitability. This seems the only logical conclusion, given the quality of some of the units being offered.