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Brendan McDonagh: Busting NAMA myths - interests of taxpayer are at core of agency

THE people of Ireland deserve to know more about the National Asset Management Agency (NAMA). It is, after all, their agency and the only reason it was set up was to serve their interests. My team and I are conscious of that fact every day; indeed, it is the principle that guides every aspect of our work.

There has been much negative comment about NAMA. I have listened to people express fears that the agency was set up to bail out banks that lent too much and prop up developers who borrowed too much. Yes, the banks needed to be cleansed and NAMA has done that with respect to their riskiest exposures but it is not our job to prop up developers -- it is our job to extract the maximum value from the loan portfolio we have acquired.

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