NAMA Gets EU Approval

The EU Commission this morning approved the government’s NAMA proposal, clearing the way for the transfer of bank debt to the state. The amount of debt to be transferred, the value of the debt (on paper and in market terms) and the value of the write-downs have still not been finalised.

It is perhaps not surprising that NAMA got the all-clear from the EU. What is perhaps surprising, or maybe saddening, is that over a year and a half on from the Irish collapse, the intended solution to the problem (whatever of its merits) is only getting going. It is going to be a long ten years for whomever is in power.