[mod edit: do stay on topic]
as I understand it these are NOT NAMA bonds. These are the underwater fields in leitrim with half poured foundations , infested with spilt paint and cement bags. These are being securitised and repod at the CBFSAI for near face value (if the fields are not underwater they are taken by the ECB). The CBFSAI can do this SO LONG AS it has given a letter of comfort from Mr B Lenihan ESQ to Mr J-C Trichet that said Mr L will underwrite any losses.
So, its straight up Honohan lending to the banks via “repos” on hopeless assets, backed by state guarantee (aka promissory notes).
FINAL AUDITED RESULTS - sure they will be as clean as a baby’s arse - can’t wait
In 1980, the Irish national debt was 10 billion: ntma.ie/NationalDebt/levelOfDebt_Trends.php