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Fri 07 Jul 2010Eight months a long time as reality bites for Nama
Given the deterioration of the loanbook, we must ask whether the banks knew the situation, or were economical with the truth, writes SIMON CARSWELL
EIGHT MONTHS seems to be a long time in banking and the property market if the revised figures provided by the National Asset Management Agency (Nama) earlier this week are anything to go by. The financial picture on the €81 billion in loans to be bought by Nama has changed dramatically – or to put it more accurately, deteriorated sharply – between the agency’s draft business plan last October and the updated version published on Tuesday.
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