Must figure out what this is , It is not Exceptional Liquidity but Exceptional Self Auto Collateralisation. The sort of gnome that audits Irish Banks will have no problem with understanding the ‘true and fair’ value of these ‘things’.
So they ‘eligible’ in a narrow sense only. Mmm’kays!
Is NAMA eligible to borrow from the ICB using an MLRA? If so, would that be the source of their liquidity for offerring mortgages to commercial and residential investors? Is NAMA becoming a de-facto lending bank?