It's not so much statements about specific clients. more to do with deals done on re-possessed properties. I.e project Eagle sale caused significant controversy with the suspicion touted that NAMA were less than diligent in their process to obtain a purchaser for the package. They are currently in the process of packaging Project Arrow for sale with a fairly low key search for interested parties. This is an 8.4bln package of loans (largest fire sale in history) with little public information available on the rationale for selling a package of loans that would be affordable only to a very limited number of purchasers.
While accepting the need for NAMA to conduct business without in-depth scrutiny on each an every transaction, this particular sale can go spectacularly right or spectacularly wrong, but we won't know this until after the event. I.e. there appears to be no information available as to the current asset value of the security held for these loans. I know personally of a number of properties being sold by receivers that were sale agreed and then suddenly pulled off the market because they were being included in the package. The point I am making is that whatever way this sale goes NAMA can tout it as a success on the basis that they will achieve a better price for the loans than the written down value at date of acquisition. However acquisition date was at the lowest point in the market and assumed a minimal return from assets held.
It's not that I have any distrust of NAMA but I do have a general distrust on any process that is not subject to full scrutiny and accountability.