Well, this is painful… NAMA March 30, 2010Posted by WorldbyStorm in Economy, Irish Politics.
The National Asset Management Agency is to apply an average discount of 47% on the first loans it will acquire from the five financial institutions involved in the scheme.
This means the agency will give the banks just over half of what the loans were worth on the banks’ books.
This is well ahead of an average figure of 30% estimated by the Government last year.
So much for that then.
Speaking in the Dáil, Minster for Finance Brian Lenihan has said that the country is now fiscally stable and credible. He said the scale of the damage is now known.
Well, that’s not okay then. And what of this for a self-exculpatory statement…
Minister Lenihan also said that senior figures in banking had made appalling decisions, which the taxpayer will pay dearly for, for years to come.
Senior figures in banking? Oh them. Yes, indeed. But by no means restricted to them.
And what of this?
Meanwhile, NAMA chairman Frank Daly said its guiding principle had been to safeguard the interests of taxpayers by taking a ‘scrupulously objective view’ of the value of the assets and the security attached to every loan.
Mr Daly said the process has been rigorous and tough and that he was surprised at the lack of security on some of the loans.
He said the level of co-operation NAMA has received has varied.
Surprise at a lack of security? A varied level of co-operation? Well I never.