NAMA workings have even the experts baffled

NAMA workings have even the experts baffled - Irish, Business - Independent.ie

[SIZE="1"]Thursday May 07 2009[/SIZE]
CONFUSED about the National Asset Management Agency (NAMA)? Don't worry, you're not alone. The Oireachtas Joint Committee on Finance and the Public Service seemed as confused when it met yesterday to try to understand the agency which is due to begin operating later this year and brought in an interim managing director earlier this week.
Yesterday experts and professors struggled to figure it out how it will work. That puts me out so! There was a call for more transparency...yeah...as if! It seems we will only know the cost of saving our banking sector when the scheme comes to an end, whenever that will be.

"As professionals with reputations, we don't want to give figures we can't defend," Prof Honohan said in a friendly manner that brought that particular line of questioning to an end.

Prof. Honohan and Prof. whelan both warned that NAMA could effectively serve as an unofficial subsidy to the banks if it buys property at high prices .

Prof Honohan said that transparecy is key while admitting he might be "naive" to expect any light anytime soon.

It's good that transparency is 'Key". As buzz words go, it works very well, sounds great.