NAMA the solution? No, it's become a nightmare
NAMA is in deeper trouble than before Christmas and its troubles will get deeper still. Once it was a flagship solution to get us out of the development collapse. Now, it has become a growing nightmare, ill-conceived and its legal basis increasingly questionable.
Much of this still remains secret -- itself always a bad sign -- as is the blame-laden approach adopted by the organisation and its chief operator, Frank Daly, which was demonstrated in the profoundly biased 'Prime Time' programme shown at the end of last year.
A large part of the problem derives from the increasing chaos that now surrounds NAMA's operations, making it -- despite the vast sums involved in the debts that it is taking over -- a rapidly declining asset-stripper and profit-maker when compared with the losses in the banks which were responsible for the setting up of NAMA in the first place.