The two faces of Nama

The two faces of Nama
Frank Daly, chairman, Nama, left, with chief executive Brendan McDonagh and Minister for Finance Michael Noonan at last weeks publication of the bad bank's annual report Picture: Barry Cronin

Will Nama be seen as the agency that put the Irish property market back on track, or will its legacy be the introduction of the vulture funds?

There are two Namas. The first is the sober, workmanlike agency which has managed an enormous book of toxic debt, overseen the unwinding of the state’s catastrophic property crisis and is set to deliver a return of €2.3 billion to the state. It’s a staid, prosaic organisation, which stringently follows the letter of the law, and makes its employees pay €20 a head into the Christmas party for uninspired finger food and a couple of pints.

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