Bacon: Toxic bank set to become ‘Celtic Chernobyl’

THE architect of NAMA has warned that scandal-ridden Anglo Irish Bank is set to become Ireland’s “Celtic Chernobyl” because of vast amounts of toxic property loans that cannot be transferred to the agency.

Economist Dr Peter Bacon has said that large amounts of untouchable property loans which will remain in Anglo will dump the taxpayer with an even bigger bill to bail out the bank.

Dr Bacon, who advised the Government on setting up the agency, said: “There is a large property investment portfolio that is not eligible as I understand it, to go into NAMA and that resides to a significant degree, with Anglo. So the Anglo story is going to continue. I don’t think it’s at an end.”