Massive NAMA gamble set to march on within next few weeks

THE biggest financial gamble in the history of the State comes into play in the next few weeks as NAMA finally swings into life.

The agency is still awaiting the final sign-off from the EU and will then take on board the toxic loans of the 10 biggest developers, amounting to some €19 billion, by the end of March.

The move will mark a huge transfer of financial responsibility to the taxpayer from builders who overstretched themselves in the property bubble, by the largesse of the bankers who recklessly lent to them.