No comfort for taxpayers at bad bank revisions

TAXPAYERS will not take much comfort from yesterday’s warning from NAMA that they could end up facing a loss of €800m by the time the bad bank is wound up in 10 years’ time.

While the €800m loss is a worst-case scenario, the best-case scenario is for a profit of €3.9bn, which is well below the €4.8bn figure initially made by the bank back in October.

One of the more disturbing features of the revised figures were the holes that the new bank chiefs highlighted in the operations of the various banks, effectively bankrupted by the property bubble.