NAMA gets down to work
LIKE Tennyson's great sea monster, the Kraken, sleeping and dreaming in the depths, our favourite monster, NAMA, has stirred. And he doesn't look as scary as may have been feared. The National Asset Management Agency has quietly completed its assessment of the loans of the top 10 borrowers in the country, complicated loans, involving multiple financial institutions.
The head of NAMA, Brendan McDonagh, said yesterday that the agency will be open for business next month, subject to approval by the EU Commission, and that assets will be bought at a 30pc average discount, not the higher amounts sometimes predicted.
This is the price that the Government will pay the banks for the loans NAMA will take off their books. Moreover, according to the NAMA chief, there should be no need for more taxpayers' money for the two big banks, AIB and Bank of Ireland, at this stage.