The cost could be worse if NAMA is scuttled

THOSE who fear the Government will sell the taxpayer short in the case of NAMA might take some comfort from the rumour that the banks hate the National Treasury Management Agency.

Ultimately it is Auntie Mae as it is known in the financial world that will determine the level of discount the banks will face and what level of risk will be borne by the banks.

The word is that they believe NTMA is playing very hard ball on land and property values and making them and not the taxpayer pay for their past sins of greed and bad judgment.