NAMA challenge is ‘lack of revenue from assets’

AN EU cabinet chief has warned that a major challenge to the success of NAMA is the fact that many assets on bank books are failing to produce any revenue at all.

As informal talks began between the European Commission and the Department of Finance on the commission’s approval of NAMA, Anthony Whelan, head of cabinet with the Commissioner for Competition, said the evaluation of assets being taken over by the state was problematic.

“Our teams are already talking to the Department of Finance informally. NAMA won’t be formally notified to us until the Oireachtas has finished its work.”