Desmond voices NAMA dissent

Financier Dermot Desmond has become the latest voice of opposition to the Government's plan to establish the National Asset Management Agency.

Writing in today's Irish Times, the businessman says the agency has the potential to cause "untold long-term damage to Ireland Inc".

He also criticises proposals to nationalise the main Irish banks, which are supported by a large number of economists.

Mr Desmond says the banks should be left to deal with their own bad loans and the Government should provide a funding guarantee in exchange for a fee.

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