Stalker was perhaps a bit amiss calling NAMA a building society – the more proper terminology is a ‘banking restoration scheme’, which is now partially ratified by the EU.
The total takeover of loans is an estimated €77bn that has been taken on by the Irish government.
It seems a bit odd that the banks immediately get a discount on the loans taken on, to the value of however many billions of euros.
The new scheme not only has to work, but has to be seen to be working!
A big gamble in anyone’s book.
Let the dice roll and where they fall nobody knows.
5/13/2010 2:27:25 PM Re: your statement: “It seems a bit odd that the banks immediately get a discount on the loans taken on, to the value of however many billions of euros.”
NAMA bought the loans from the banks at a discount – i.e. the banks got less for them than their alleged fair value. banking concerned, Dublin
