Taxpayer beware as Nama makes spectacular loss
Loss-making Nama has become a seemingly endless gravy train. Worse still, it has emerged as a bailout for some of the same developers who have brought this country to its knees, writes Daniel McConnell
Published 31/07/2011 | 05:00
When it was announced by then Finance Minister Brian Lenihan during his emergency budget speech in April 2009, we were told it would get credit moving, we were promised it would not be a bailout for developers, we were told it wouldn't be a gravy train for advisers, consultants and public sector fat cats and we were told it would make a profit.
Set up to save the country from the greed and recklessness of the banks and developers, including Liam Carroll, Bernard McNamara and Sean Dunne, Nama was an unprecedented development in Irish history.
But, more than two years on from its inception, there is no question on all of these fronts: Nama has failed and failed spectacularly, and the taxpayer should be very concerned indeed.