Lenihan to advise Dáil on NAMA valuation process; Desmond says “bad bank” will cause “untold long-term damage to Ireland Inc”
Sep 16th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Minister for Finance Brian Lenihan met Irish bank chiefs Tuesday evening, in advance of today's announcement to the Dáil of the valuation process for the property loans of up to €90 billion that will be transferred to the "bad bank" NAMA (National Assets Management Agency). Meanwhile, financier Dermot Desmond says NAMA will cause “untold long-term damage to Ireland Inc,” while nationalising the banks“is a great sound bite - -but is equally not a solution.”