Friday 17 November 2017

NAMA bananas

• I am astonished to read that the National Asset Management Agency (NAMA) is now offering 100 properties under a deferred payment scheme. The scheme is designed to help mitigate the risks of further decreases in house values.

The initiative will see 80pc of the agreed sale price of the property paid up front, with the remaining 20pc due after five years, depending on an independent assessment of the property's value.

NAMA seems intent on trying to return property prices to as high a level as possible. Given the loans on their books this is understandable, but the result of their attempts to reflate prices is that in effect they are again skewing the natural course of the property market. How can this possibly be in the long-term interest of the Irish people, or economy?

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