Fair play to Davy Stockbrokers. The firm’s bank analyst team published a document last week on the possible machinations of the National Asset Management Agency (Nama) and its impact on the two main banks. It is the most detailed and easy to understand piece of work produced on the subject so far.
Immediately after the Nama model was announced by Brian Lenihan, Davy’s produced an initial assessment which suggested that the likely ‘‘haircut’’...
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