The government is about to become the Majority shareholder in AIB and BOI.
Latest developments where the EU prevented them from paying dividend have all but nationalised them.
Rather than writing down the loans on transfer to NAMA, the full value of the loans can be kept on the books of State backed financial institutions until the developers go bust or pay up. With the debts still on the books the Developers can’t walk away from NAMA and start getting funding for other bubblicious daft plans.
The cost of professional fees avoided would be justification enough alone to halt NAMA here and now.
Do we really need NAMA now?