National Asset Management Agency In Hot Debate.

It appears as though a National Asset Management Agency (NAMA)is in the process of being established. This agency will ensure the state isn’t overpaying for toxic assets according to Minister Eamon Ryan has insisted. Mr. Ryan is the Green Party Minister, he has also insisted on changing the draft proposal for NAMA. He wants to ensure the first people paid with regard to the toxic assets are the speculators, developers and then the bankers who made the wrong decisions on the property asset market.
According to Minister for Communications the land banks that were re-zoned and bought for speculative purposes would be subject to massive discounts and that those discounts would occur thru NAMA. According to the Minister for Communications there is no way that NAMA would bail-out the speculators, builder or bankers. With everything going on as it is Mr. Sinn Fein’s finance spokesperson, Arthur Morgan TD, has called for a national referendum on NAMA to take place on the day that the Lisbon referendum is scheduled.
In its current state NAMA has the state committed to over-pay for troubled bank assets and this is very unhealthy for the state. There was an article published in this mornings Irish Times where 46 academics and ten of them being professors were arguing that there were other alternatives to NAMA. They want to make sure it is understood that in their opinion the state should only pay the current market value for the properties.