- Apr 13, 2011
I am not saying it was 100% prearranged but some collusion was at play here.The loss was taken by the bank when the original loans went into NAMA, though by cleaning up its balance sheet the bank had a better chance of quickly returning to profitability, which would benefit the State if it invested in that bank. Developer A remained liable for the full amount. Developer B did good business, and as a result housing gets built.
What would you suggest instead?
It's the taxpayer who owns the loss now. there is no way around it hbap.