My bet is NAMA will lose €12bn and bank customers will pay for it

THE NAMA debate has moved on. This week and next, the Dáil will amend the detailed provisions of the legislation.

There is a general acceptance that the broken balance sheets of our banks have to be addressed. Our economy cannot afford zombie banks.

The mechanism of converting illiquid debts into cashable bonds provides a way forward. The Government and the taxpayer need an exit plan from the state bank guarantee. The publication of the draft business plan has exposed NAMA’s fundamental flaw — the overpricing and false valuation of the banks’ assets.