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.

Nama chairman Frank Daly wants to sell prime Nama assets back at undercut prices to developers who had defaulted on the repayment of their loans —- a move hardly worthy of public applause! !Under the closest scrutiny, arrangements should be made for top professional auctioneers, valuers and marketing personnel to take the driving seat and get this ‘warehouse’ cleared. Dynamic promotion and aggressive selling of our ‘goods’ on the open market will bring badly-needed money back home, rather than playing fantasy poker with non-existent Irish cash.

James Gleeson

Thurles

Co Tipperary