The leading story in today's SBP states:
Quote: ''The country's largest property developers will be protected from collapse by the proposed National Asset Management agency.
Under advanced plans being drawn up by the department of Finance NAMA will agree not to force up to 20 of the country's top developers into liquidation''.
I have long held the view that the setting up of NAMA is going to end up as an unmitigated disaster for this country.How on earth are they going to prevent the top developers from going bust without exposing the taxpayers to a level of dept which we will simply be unable to pay.
Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.
One should bear in mind that the country's top 20 developers are responsible for a huge proportion of the toxic debt.I was going to say that the govt do not know what they are doing here.On the contrary it now seems pretty obvious that as far as a bailout is concerned they know exactly what they are doing.
But it will lead this country to bankruptcy.Quite simply this farce must be stopped now.
Link will be available at 6:30.