More transparency needed on Nama

That secretive, non-transparent set-up known as Nama availed of €32bn of taxpayers’ money to buy down €74bn property debt from the banks, and we are hoping that one day our investment will yield a profit.

I believe we are entitled to a lot more transparency and information on the working of this massive new State enterprise that is indirectly playing such an important role in our lives.

When Nama was first established I assumed all property and debt with the company would be assembled in a variety of batches, catalogued, attractively presented and aggressively marketed as investment products or property portfolios — similar to tracker bonds, etc, in the established banks. It should be illegal to trade portions of these land banks or assets to developers or others — possibly indebted ones — outside the regulatory terms and conditions of the company.

In a release to the Public Accounts Office last October it was revealed Nama’s running costs were over €1m per working day and only a quarter of the loans were performing. How does Nama produce a balance sheet and how is such a huge working income derived from the operation — not to mention the anticipated profits? There are 120 salaried developers employed by Nama, with the possibility there may be a conflict of interest.

Yes, as shareholders in Nama and as voters, we are very interested and concerned in its well-being, regulation and supervision, and I sincerely hope our Government feels likewise.

James Gleeson

Thurles

Co Tipperary