I wasn't totally sure what exactly National Asset Management Agency was all about, so I went and tried to research it a little. My understanding of it is that NAMA is not a bank but an asset management company.
The objective of it is that it will take every bank's land and property debts and put them all into NAMA. This means that NAMA will become the biggest landowner in the country with debts of between €80billion and €90billion. This leaves every other bank free to resume lending money out to people.
NAMA could be in existence for as much as 10-15yrs as a long term solution to the recession and the country's debt.
The objective of it is that it will take every bank's land and property debts and put them all into NAMA. This means that NAMA will become the biggest landowner in the country with debts of between €80billion and €90billion. This leaves every other bank free to resume lending money out to people.
NAMA could be in existence for as much as 10-15yrs as a long term solution to the recession and the country's debt.
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