Nama denies it has failed to fulfil any of its functions

The National Asset Management Agency (Nama) has refuted claims that it has failed to fulfil any of the functions it was established to carry out, saying that any serious, objective assessment of the organisation recognises the value of its work.

A spokesperson for Nama was responding to comments made by barrister and co-founder of mortgage holders advocacy group New Beginnings, Ross Maguire who believes the organisation has abdicated its responsibility to contribute to the social and economic development of the country since its establishment in December 2009.

“Nama has in many ways failed... It was to provide or cause credit to be brought back into the economy — that hasn’t happened; it was to fix the banks — the banks still remain a drag on the economy; it was to protect the taxpayer from the bank guarantee — that didn’t happen, the taxpayer had to fork out,” Mr Maguire said yesterday morning on ‘Newstalk Breakfast’.