Irish €90 billion “bad bank” Plan: NTMA at sea over NAMA

No wonder he’s getting out of dodge…

Excellent article Michael.

I recommend the Germany plan to the minister. Possibly with the addition that the state part-capital fund both the bad bank and the remaining good bank in return for a proportion of ownership (70% of the good banks, 30% of the bad banks).

Its getting clearer and clearer that NAMA is in tatters. What is problematic however is that there is no credible politically widely accepted alternative : FG want to zombify the banks, Lab nationalise them. Not much common ground it seems…

For exactly the reasons I outlined weeks ago.

Only Ireland woudl plumb for “nationalisation by committee” :unamused: