NAMA is toxic by name and, through practice, toxic by nature

The National Asset Management Agency, NAMA, rather appropriately, is sometimes referred to as the ‘toxic bank’.

NAMA is toxic by name and, through practice, toxic by nature

Originally created by the State as a dumping ground for the colossal Celtic Tiger debt of once wealthy speculators.

It was suspect and mysterious at the outset and still is.

A host of top civil servants, on six figure salaries, were placed at the helm with a ‘mission impossible’ task to accomplish.

Actual debtors were even taken on board and given standing incomes — as were auctioneers, solicitors and accountants.

Curiously, at one stage there was also a problem with personnel leaving the agency

NAMA continues to be strapped in controversy with new allegations currently making the headlines.

Accountancy firms — Grant Thornton, KPMG, PwC, Earnest Young and others have to-date got a bonanza of €55m from NAMA.

It’s hard to imagine ‘conflict of interest’ being avoided in this grouping!

The public deserves much more transparency, with hard working taxpayers also looking forward to the promised returns.

No disrespect to the integrity and ability of Chairman Frank Daly and CEO Brendan McDonagh — but, from the outside, the whole NAMA set-up taints of a cosy cartel.

We badly need much firmer regulation to be put in place immediately to restore public confidence in this institution.

James Gleeson

The Grove

Thurles

Co Tipperary

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