Nama’s hidden depths

Despite initial optimism, the true extent of the task Nama has on its hands is only now becoming apparent. The entire venture would have been a far harder sell to the public had the facts been known earlier

17th April, 2010

Everything about the Irish banking crisis so far has been based on underestimating the extent of the bad news.

That was true when former Central Bank governor John Hurley assured the nation that the fundamentals of the system were sound, and it was also true when the National Asset Management Agency (Nama) was born last year.

Last week, Nama chief executive Brendan McDonagh gave a very clear picture of exactly how bad things are in...

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