The great gamble

Monday, September 07, 2009

IN spite of the obfuscation, most of us common folk know that NAMA is predicated on a double valuation system.

Firstly, an inflated offer for what, in some if not most cases, could be worthless loans basically to recapitalise the banks.

However, in the event of no great economic upturn in future, the national purse will have to be protected by some retrospective re-evaluation.

If the Government succeeds in this strategy it will have beaten all the laws of commerce.

Its cabinet members and TDs will then be deserving of their millions in unvouched expenses..

Brendan Ronayne
Bridgewater
Carrigrohane
Cork

This story appeared in the printed version of the Irish Examiner Monday, September 07, 2009