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Article: Just because you are paranoid about Nama . . .
- Article from:
- The Irish Times
- Article date:
- October 29, 2009
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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CANTILLON: INSIDE THE WORLD OF BUSINESS: THE REVELATION that Nama
will carry out its functions via a special purpose vehicle (SPV) has
raised the prospect of property developers, banks and pretty much
every other bogeyman emerging cuckoo-like in the Nama nest.
The source of this concern is the requirement that the SPV be
majority owned by unspecified private investors in order for the
Government to be able to avoid including Nama's [euro]55 billion
worth of debts in the National debt. Indeed, the real issue in all
this is arguably the logic of relying on off-balance sheet
accounting at a national level to solve what in part was a problem
caused in the main by faulty off-balance sheet ...