This has been referred to a few times on the forum but I can't find a definitive answer.
Can the State issue bonds to State owned banks, or in other words, can we do Nationalisation and NAMA?
If it can't, surely this knocks the Nationalisation argument completely on its head?
And if it is possible, isn't the Nationalisation + NAMA option the equivalent of the ECB underwriting the entire NAMA project, on top of their already having provided massive liquidity to the system over the last 12 months?
Can the State issue bonds to State owned banks, or in other words, can we do Nationalisation and NAMA?
If it can't, surely this knocks the Nationalisation argument completely on its head?
And if it is possible, isn't the Nationalisation + NAMA option the equivalent of the ECB underwriting the entire NAMA project, on top of their already having provided massive liquidity to the system over the last 12 months?