NAMA work to be outsourced to the private banks?

[Cael]

It makes sense - we'd hardly want Dept of Finance & the Financial Regulator's staff overseeing these loans ?

Also a good few NAMA staff are NTMA ... and NTMA has drawn heavily from the private sector

cYp

Its very much like that scene in Braveheart where everyone is telling Mel Gibson that we cant do anything without the help of the nobles. We have a tiny elite in Ireland, and we are all supposed to crawl on our knees to keep this tiny elite happy.

[Anorakphobia]

It makes sense - we'd hardly want Dept of Finance & the Financial Regulator's staff overseeing these loans ?

Also a good few NAMA staff are NTMA ... and NTMA has drawn heavily from the private sector

cYp

I can understand why people would recoil at this suggestion but I would agree with you, there are still plenty of really good people in these institutions, some who are totally disillusioned and de-motivated.
Give them a decent but not exorbitant wage to help fathom this mess.
As you say if DOF or IFSRA get involved, God help us all and in fact it will never actually get off ground.

I have a lot of sympathy for some of those who lent.
What would anyone else have done?

You were given a template for what satisfied credit committee and if you applied all your tests and the customer satisfied these, then he got the dosh.
You might have had reservations about the long term sustainability of everything but defying the bank's policy would have been career suicide.


I find the Sean Dunne type defense of "sure they were thowing money at me, what was I meant to do, I'm only a poor builder...." nauseating.

[Cael]

But its not a matter of getting these individuals to work for NAMA, its a matter of getting the banks, as institutions, to do the work. I'd be surprised if NAMA really have anything to do with the whole mess - except to pay for it.