Friday 24 November 2017

NAMA must be more open

A little-known but evidently affluent British investment company, Walbrook Capital, has taken a 17pc stake in NAMAIL: National Assets Management Agency Investment Ltd, a NAMA "special purpose vehicle".

No need to delve into the mind-numbing complexities of NAMA's structures and finances, designed in large part to prevent the agency's €30bn liabilities being counted as part of the Irish national debt. The Walbrook investment is a simple matter of investing a sum of money in the hope of making a profit down the line.

As such, it is welcome news. The company makes no secret of what prompted the investment: the indications that the Irish housing market has "bottomed out" or, as it puts it, that "the Irish property sector is now close to stabilisation". This does not compensate for the poor growth-rate forecasts, but it does amount to a minor vote of confidence.

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