Nama’s reality check

Nama’s reality check
Nama’s headquarters on Grand Canal Street in Dublin: the state agency’s rate of return is lower than that of real market operators in the same business Pic: Maura Hickey

If the state’s toxic debt agency is to be believed, it has been a roaring success – but its critics have voiced deep concerns about the metrics it uses

How will history judge Nama? According to the toxic loan agency, it will be judged on its financial return to the state.

Others disagree. After all, they argue, Nama failed in two of its initial missions of keeping the banks out of state ownership and keeping credit flowing to cash-strapped businesses. Still more observers maintain that Nama’s policy of selling loans and land banks to hedge funds rather than builders created the conditions for the...

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