Government vows taxpayers will not be left to foot the bill

TAXPAYERS will pay for the upfront cost of establishing the National Asset Management Agency but ultimately the Government hopes that all monies will be recouped from the banks and property developers.

However, the discounted valuations placed on assets acquired by NAMA will prove critical in whether taxpayers will carry the greater risk in funding the controversial agency.

Finance Minister Brian Lenihan sought to allay concerns that taxpayers would be left to foot the running costs of NAMA by repeatedly stressing yesterday that the agency would be “self-financing”. However, he declined to provide any specific figure for the cost of establishing the so-called “bad bank”.