NAMA says it will take 15 years to break even

THE “bad bank” proposed by the Government to take toxic debts from financial institutions only expects to break even – but it could take 15 years.

The interim managing director of the National Asset Management Agency (NAMA), Brendan McDonagh, told an Oireachtas Committee yesterday it would take a “get tough” policy regarding banks and investors in terms of securing assets on behalf of the taxpayer.

However, the committee also heard a system of levies which could be applied to institutions in the event of a shortfall to the taxpayer will not be included in upcoming legislation on NAMA and will instead be included in the next Finance Bill.