Why we need more details from NAMA
Yesterday's announcement from NAMA that it plans to invest up to €2bn in the Irish property market over the next four years is welcome news. With NAMA now the dominant -- some would say virtually the only -- player in the depressed Irish property sector, yesterday's announcement was long overdue.
Ever since paying €32bn to the Irish-owned banks for bad property loans with an original value of €74bn, it has been clear that the future direction of the Irish property sector would be largely dictated by NAMA.
The organisation now has the power of life or death over most property developers. Its decisions will determine which developers perish and which developers survive.