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Making the Bad Bank Operational: The Logistics in Ireland

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Outsourcing Valuation and Bad Loan Management back to the Banks which created them? Construction Companies too big to fail!!!

"There would, the minister said, be problems with staffing Nama; legal problems if banks or borrowers did not like the details; valuation problems, as the agency would be in uncharted territory in attempting to figure out how much each bad loan was really worth - a conundrum that even the banks have admitted is beyond them in the current climate."

"Early suggestions that Nama would recruit specialist staff with experience in credit management have given way to outline plans for so-called ‘‘outsourcing’’ arrangements with participating banks. While Lenihan has stressed that lenders who were responsible for granting problem loans should have no place in helping to work them out, the optics of a bank continuing to manage a bad loan - even after the downside risk has been transferred to the state - are not very appealing."

The Sunday Business Post (Dublin):

Testimony of Dr Michael Sommers (Head of the NTMA) at the Oireachtas Public Accounts Committee (The Irish Government oversight committee)



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