Government needs to sell Nama properties fast

In Apr 2009 Nama, Ireland’s largest property portfolio, was conceived by experts and approved by the Government of the day as a modern ‘toxic bank’ for the disposal of all the bad debt that swamped us at the time.

To the ordinary individual, like myself, Nama could be compared to a huge warehouse packed with €74bn perishable stock purchased from the debt-ridden banks at a cut-price of €30.5bn and expected to be sold on at a good profit. The purchase money, however, came indirectly from you and me, the taxpayers, with a promise it would be redeemed within ten years showing a potential €10bn upwards growth. Hence, the good reason for our curiosity on its progress.

Almost three years have since elapsed and our ‘Nama perishables’ have deteriorated by a further third in value, owing to the ongoing drop in property values —- movement of stock in the meantime is minimal. Government dissatisfaction is ever obvious.