NAMA plan needs to be fully fleshed-out

The success of the government’s asset purchase scheme is dependent on its flexibility to meet unseen challenges, writes Patrick Honohan

11th April, 2009

Breathtaking is the word that came to mind when considering the ambitious asset purchase scheme for the banks. Big problems require big solutions, and the scale of NAMA, taking over responsibility for managing and recovering up to €90 billion of bank loans, is certainly big.

Two main benefits are being sought from this operation. First, by exchanging for illiquid and risky property loans marketable bonds that can be used to mobilise funds for on lending,...

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