The chief executive of Anglo Irish Bank Mike Aynsley (above) has criticised how the former Government used NAMA to deleverage the banks.
In an interview in the 'Australian Financial Review', Mr Aynsley, who supported the idea of splitting Anglo Irish into a so-called "good/bad bank", said the NAMA strategy had been poorly executed.
The bank executive is recorded as saying the idea of an asset management agency itself was the right one.
Mr Aynsley also attacked the responses over the past year of the European authorities to the sovereign and banking crisis.
"It is not a matter of Ireland simply tightening its belt and progressively paying down huge levels of debt," he told the newspaper.
"What's needed is a fundamental rethink by Europe and acceptance that flaws or gaps exist in the current framework that are inhibiting the capacity of the peripheral economies to repair themselves.
"It will require Europe to consider and provide types of support it has not been required to, able to, or prepared to in the past."
Mr Aynsley revealed that Anglo had sold €2.5bn worth of properties in the past 12 months.
He described the interest rate on the Irish loan package and other related measures as punitive and counter-productive. The Irish and European authorities needed to act quickly, he added.