‘Cleansing and repairing the banks’ balance sheets is considered fundamental to achieving a sustained recovery of the banking system,” finance minister Brian Lenihan told the Dáil in April 2009 as he announced plans to set up the National Asset Management Agency (Nama).
Despite committing himself to spending up to €50 billion to acquire toxic land and development loans from Nama participants, however, cleansed and repaired bank balance sheets continue to elude...
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