Thursday 19 April 2018

Brendan Keenan: NAMA's job is to claw back cash, not punish

THE best way to understand NAMA is that it is a bank. An unusual bank, in that it deals only with property development, in which it has perhaps the biggest loan portfolio in the world. But a bank, nonetheless.

Another unusual feature is that property developers are its only customers. Already, with the use of that word, confusion sets in. "Customers?"

Aren't these the men who ruined the country? Aren't they vulgar flaunters of obscene wealth? Aren't they trying to protect that wealth through the age-old trick of putting it in the wife's name? The answer to all these questions is yes, although definitions of vulgarity and obscenity may vary.

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