Lenihan wastes €5 billion on NAMA undervaluations

On March 11th, Minister Brian Lenihan in a reply to a Parliamentary Question stated that November 30th 2009 was valuation day for NAMA. “Any property decreases or increases after 30th November 2009 will not be reflected in the NAMA market valuations” he wrote.

This is an astonishingly cavalier approach to property purchase by the state. Would any private citizen do likewise? I think not.

If €50 billion is being spent by NAMA and the market falls by 10% and it has already fallen since November 30th last and is expected to fall by 10 – 15% this year, it is clear that the consequence of this regid inflexible decision is to hand a free €5 billion plus to the banks – mainly Anglo.


What a country! What a government!