“The National Asset Management Agency”, was first signalled by the Finance Minister in April last year and is aimed at cleaning up the banking system by taking property-linked loans off their balance sheets.
NAMA is going to cover five banks: AIB, Bank of Ireland, Anglo Irish Bank, EBS and Irish Nationwide. Figures given in the NAMA business plan estimated the paper value of the loans to be taken from banks at €77 billion, for which NAMA will pay around €54 billion. An exact figure will not be known for sometime.
Each loan will be valued separately, taking into account the quality of the collateral and the likelihood of getting a return. Over time, NAMA hopes to manage and then sell off the property to get its money back. The NAMA legislation gives the agency extensive powers, and limits the opportunities to legally challenge its work. The Government is keen to stress that the developers who borrowed the money in the first place will still be liable for the full cost of the original loan, and will be pursued by NAMA if they default.
Alright, that is what NAMA technically is and its aim's. Personally its a joke in my opinion, not what it is and its aims as it is needed but the fact that the banks were allowed get so in over their heads and need to be bailed out by the government. This is such an unfair situation to leave the Irish people in as so much time and money is being tied up in NAMA.
Am i wrong or am i right, how could these banks be allowed to get into such a bad negative situation, these so called "Executives" who were in charge of these banks, they should have to pay for what they have done, they shouldn't be allowed get away with it for a second, this should be the governments chance to show that they aren't a load of over paid clowns in power nd get the finger out and make them pay!!!
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