An Irish judge a few months ago referred to "vulture receivers feeding off the corpse of the Celtic Tiger". I have encountered a vulture case recently in Dublin. A modern apartment building in an attractive location is quickly becoming a slum under a new manager appointed by the receiver.Basic maintenance of facilities such as the lift and the laundry room is neglected and tenants face long delays in getting repairs attended to. The manager's priority is extracting as much cash as possible from operations before the building is sold on.

Given the huge inventory of properties being held back from the market by NAMA,one would hope that NAMA is careful to avoid appointing vulture receivers.