The Shrinking Property Bubble of NAMA

That aside, a new venture between David McWilliams, Ronan Lyons, Stehen Kinsella and Lorcan Roche-Kelly →

That worst case is just book value of assets.

NAMA also has phenomenal capacity for making operating losses, particularly as european interest rates rise.

Sssh! We’re not supposed to talk about the interest on €40+bn over 10 years at hopefully bailout punitive rates, nor should it even be mentioned that we have already a budget in the region of €2bn in professsional fees, and let us all now forget the staffing and other operational costs involved.

Add to that finishing costs - looking at the Anglo HQ shell, the remaining fitout cost is more than the building is saleable at - excluding all costs to date, every single one of them. Is it any surprise that some commentators are saying the net asset value of the NAMA loans, even if they were all foreclosed on, is zero?