A whole generation of taxpayers will pay for our NAMA ‘glitterati’

RECENT public debate about the banking inquiry has failed to highlight the role of property developers as culprits. The explosion of bank credit from 2002 to 2008 and laxity failure by our regulators have been well documented.

In contrast, the bet of €80 billion on property was a fundamental flaw. Last week saw the collapse of the McNamara empire as the latest instalment in the decline of zombie property magnates.

I am not acquainted with any of the tier-one NAMA glitterati. These are the developers with debts in excess of €1bn which are due to have their entire portfolios transferred in the next few months. They include Liam Carroll, Bernard McNamara, Derek Quinlan, John Flemming and Paddy Kelly.