This article in the Irish Times details how loans from foreign banks will be transfered to the National Assest Managment Agency. The reasoning given in the Irish Times is that
The inclusion of loans granted by non-Irish banks would reduce some of the complexity in Nama’s work, as many of the developers who have loans moving to the new agency also have loans outside Ireland. With plans well-advanced for the publication next week of draft legislation to establish Nama, this may also reduce potential for disruption to the scheme from foreign banks taking court action against Irish developers.
So, are we cleaning up the banks or helping the developers continue to clean up in the market? We need functioning banks, not profit driven developers.
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