Nama is too big and complex, says its creator

The economist who thought up Nama has expressed alarm that the organisation has descended into an unfocused debt collection agency.

Peter Bacon, who was tasked by Brian Lenihan, then finance minister, to recommend a solution to the banking sector’s solvency and liquidity crisis, warned the agency needed a change of direction.

He said its emphasis on turning an “accounting profit” was “meaningless” as it had taken properties off the hands of banks and developers at rock-bottom prices in the first place.