Thursday, May 28, 2009
It was not until the publication of the Ryan Report that people appreciated the depth of the depravity. Hence, the likely cost of the redress deal was seriously underestimated. This should act as a warning in relation to the National Assets Management Agency (NAMA).
The cost of NAMA may be 60 times greater than the redress deal, highlighting the need for full transparency.
Finance Minister Brian Lenihan admits that it might be up to 15 years before the State knows the full cost of the NAMA rescue package. A "small" number of unnamed developers have been loaned over €1 billion, and 10 others have loans of over €500m, while a further 1,000 people have loans of €10m.
If the public is being asked to fund these people, it should know who they are, and that they have changed their lifestyles while the rest of us tighten our belts.
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