Caught in the NAMA trap
Published 05/06/2010 | 05:00
Two reports on the banking crisis, now in the hands of the Government and, hopefully, to be made public next week, will tell us more about the mistakes and misdemeanours that made a National Asset Management Agency necessary in the first place, but they will not tell us how successful the NAMA strategy is ultimately likely to be.
A sector that has largely escaped the opprobrium heaped upon bankers, developers and regulators, and which is likely to intensify with the publication of those two reports, was pinpointed by the chairman of NAMA, Frank Daly, yesterday when he launched a scathing attack on auditors.
Reckless practices were carried out, in many cases, under the noses of auditors, and these, too, should answer for their negligence.