Article: Just because you are paranoid about Nama . . .

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 ...

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