€18.99bn repayable in 12 months? This is wonderful news because the NAMA business plan says that 80% of the borrowers won't default. So they'll hand over €15bn in the next 12 months? This is so much better than I was led to believe and even if the haircut is still only 30% then we will have paid €13.3bn for these loans so we'll have made a gross profit of nearly €2bn on this tranche of loans alone? Obviously NAMA will have financing costs but the non-defaulters will presumably continue to pay interest on their loans so that will probably cancel out. And of course AIB will pay all the due diligence work at NAMA. So actually in net terms we might come out close to €2bn profit. And of course we'll still have the 20% of the loans that default and we might be able to get something for those loans also.

This is just incredible. (By the way I'm new on here and I am being sarcastic)