if the banks had made adequate provisions, then presumably Nama would not be required. It is precisely because they have not made these provisions that they wish to offload the toxic loans to the taxpayer. The circular logic continues with the Minister stating that the banks need not be nationalised, as doing so would mean the boards would have traded recklessly, and thus would have had to resign. As they have not resigned, the argument goes, the banks must be solvent.
Which again brings us to the question: why then do we need Nama with its accompanying transfers of billions of euro from the taxpayer to the shareholders?
irishtimes.com
