Big profits for NAMA firm investors

INVESTORS in a new firm created to run NAMA will take a big slice of any profits it makes — despite the state still having responsibility for the €54 billion of toxic land debts it soaks up.

Bondholders will be given control of NAMA under the “shadowy” new set up, opposition parties warned as the move sparked fierce clashes in the Dáil.

Finance Minister Brian Lenihan insisted he was setting up the new firm — known as a Special Purpose Vehicle (SPV) — to run NAMA in order to get around EU rules and avoid the €54bn used to buy bad property deals from being included in the national debt.