Lenihan: Banks did not lie over toxic debts

FINANCE Minister Brian Lenihan has insisted that the Government was not “hoodwinked” by the banks over the scale of their toxic debt.

NAMA, the agency which the Government set up to relieve the banks of their high-risk property and development loans, was forced to revise its projected profit downwards this week.

Instead of the €4.8bn profit envisaged by NAMA in its draft business plan last October, it is now expecting to make just a €1bn profit, according to a revised plan published on Tuesday.