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Tue 09 Sep 2009Propping up of rotten banks is a huge con job
THE PURPOSE of Nama, we are repeatedly told, is to allow the banks to get back to lending money to the real Irish economy. This is unquestionably a vital aim. There is one glaring problem, however, writes FINTAN O'TOOLE
Almost half of the toxic loans we’re buying through Nama are held by banks who didn’t lend much money to the real economy in the first place. Of the €77 billion in loans that Nama is to take on, €36 billion is held by Anglo Irish Bank and Irish Nationwide Building Society.
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