NAMA chairman blasts auditors

The Chairman of NAMA Frank Daly has this morning launched a scathing attack on auditors at the annual conference of Certified Public Accountants.

Mr Daly said financial institutions and the largest borrowers have rightly been lambasted for their reckless behaviour.

But speaking in a "personal capacity", he said those who carried out audits of financial statements for these must examine their performance too, adding "it's not sufficient to say they shouldn't comment on the ethical behaviour of their clients".

Mr Daly said banks now have €7.7bn in liquidity for lending into the economy that they did not have just a month ago.

He has also revealed that half of the loans to be transferred to NAMA will be completed next month and that one third of all loans will be backed by UK property.