Brian gives a detailed response to Alan Ahearne in this article in Monday’s Irish Times.
In today’s Irish Times, Alan makes the case against nationalisation: you can read it here.
see the post by Ciaran Cuffe: you can read it here.
There may not be any legislation yet but NAMA has a website. It provides an example of how NAMA will buy loans from the banks using a “purely illustrative” example of a 25% discount. It has been widely reported that AIB would be selling €30 billion in loans to NAMA. A writedown of €7.5 billion would wipe out essentially all core Tier 1 (shareholder) capital, so this is an interesting illustrative example.
Update: Patrick correctly points out that the illustration is of a €25 million writedown of a €65 million loan for a property originally worth €100 million. So indeed it’s a 38.5% discount. I know it’s just an example but it’s interesting all the same.
Those interested in keeping up with the latest thinking on the financial crisis may be interested in checking out Jim Corr’s interview with Matt Cooper on today’s Last Word radio show.