canicemcavoy
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The supposed reason for NAMA was to protect Irish banks.
According to today's Irish Times:
[broken link removed]
Can anyone explain why the scheme now extends to foreign banks? Is "reducing its complexity" a good enough excuse to be extending the scheme for many billions more? The only explanation that I can see is that NAMA is actually mainly or partially for the benefit of developers.
According to today's Irish Times:
[broken link removed]
THE NATIONAL Asset Management Agency (Nama) is making plans for foreign banks not protected by State guarantee to Irish lenders to participate in the €90 billion “bad bank” scheme.
The inclusion of loans granted by non-Irish banks would reduce some of the complexity in Nama’s work, as many of the developers who have loans moving to the new agency also have loans outside Ireland. With plans well-advanced for the publication next week of draft legislation to establish Nama, this may also reduce potential for disruption to the scheme from foreign banks taking court action against Irish developers.
Can anyone explain why the scheme now extends to foreign banks? Is "reducing its complexity" a good enough excuse to be extending the scheme for many billions more? The only explanation that I can see is that NAMA is actually mainly or partially for the benefit of developers.