Remember the promises about due diligence before spending our money bailing out bank investors? They are no longer 'operative' - NAMA is reportedly about to channel six billion euro to Anglo without performing any due diligence on the loan securities. This is public money that will presumably end up with Anglo's private creditors. David Clerkin has the story in the Business Post p3. The assurances that NAMA would ensure it gets value for money suddenly look even more threadbare.
NAMA is to give six thousand million euro to Anglo without any advance examination of the quality of the loan security. In the jargon, no due diligence before handing over the public's money. This at a time when part-funded voluntary groups like Community Development Partnerships up and down the country are being weighed down with demands from government departments and quangos looking for them to account for every penny they spend.
Nama to issue €6 billion to Anglo in blind transfers
As I post this, I am listening to Anglo Chairman Alan Dukes divert a discussion on the bank crash on This Week to talk about the budget deficit....
Maybe someone in the studio will ask him why Anglo should get this six thousand million before due diligence. Due is there for a reason isn't it?