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Thread: NAMA Bonds Worthless - Banks unable to tap markets

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    Politics.ie Member cozzy121's Avatar
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    Default NAMA Bonds Worthless - Banks unable to tap markets

    Looks like even the markets can see through lenihan juniors lies "NAMA will make a profit".

    Banks unable to tap markets as Nama bonds are frozen out

    Irish banks are unable to raise money in the open market using Nama bonds because international banks have decided that the state-backed securities do not meet their internal requirements to allow them accept the bonds for cash, according to market sources.
    The freeze-out has forced the Irish banks to use European Central Bank (ECB) emergency funding mechanisms, where rates have been higher than open market prices until recent weeks, the sources said. The higher cost of funds will ultimately feed through to more expensive loans for customers.
    Even the markets don't value ff bailouts for their banker & developer mates.
    "WAKE UP! THE RICH ARE RAPING YOU!"

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    The ECB still takes them, or as Frank Fahey puts it, the ECB gives the banks free money.
    Last edited by rubensni; 28th October 2010 at 08:36 PM.
    "The war against drugs is unique in all conflict: we can win it, simply by ceasing to fight it."

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    Politics.ie Member cozzy121's Avatar
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    Quote Originally Posted by rubensni View Post
    The EC still takes them, or as Frank Fahey puts it, the ECB gives the banks free money.
    The ECB has no option but to support lenihan-jnr's lies, in return they get a nice compliant eurozone member, who'll do what's best for the euro, not their own citizens.
    "WAKE UP! THE RICH ARE RAPING YOU!"

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