This country has come a long way since we introduced the State guarantee 18 months ago. Back then, our banks were on the brink of financial collapse and our economy had gone into reverse. Revenue had fallen steeply and unemployment had risen sharply. For the first time in a quarter of a century, we were experiencing negative growth.
There is much contradictory and very confusing comment on what the facts really are concerning NAMA. Here we list and link to a number of sources that readers may find of help as they try to discover the facts about NAMA.
The Government’s proposed National Asset Management Agency (Nama) will buy loans worth €77 billion at a discount of 30 per cent. The Minister for Finance Brian Lenihan told the Dáil that NAMA would pay approximately €54bn for loans it takes over from Irish banks. According to the Minister this amount is an estimate based on the long-term economic value of the assets against which the loans were secured.