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Review of National Asset Management Agency (NAMA)

The National Asset Management Agency (NAMA) seemed like a reasonably good idea at first.  In a situation with no easy solutions, it seemed better of bad options.But as the numbers have been crystallizing on the pages, it's becoming increasingly obvious that (a) the real market value of property is much lower thant 30% off peak book valuations (mainly a result of no sales price transparancy in the market thanks to draconian data protection legislation); (b) with real market prices, the banks' balance sheets will not be cleaned up enough to begin borrowing from international markets, even after offloading their "toxic" assets.In that case there are only two possible outcomes:1.  The NAMA prices are above market reality to ensure the banks balance sheets are strong, but the tax payer takes it in the chin, while bank shareholders only see upside2.  NAMA is abandoned and the banks are either nationalised or let die.  Nationalisation will freeze the economy for years as nationalised banks will not be able to borrow in the same way as private banks, due to lack of public market accountability.  Leaving banks to die will cause a short systemic shock, with deep repercussions, but it would not last more than 2 years as new private entities enter to replace the dinosaurs. .... Read Original Full Review.