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Tue 04 Apr 2010Nama an arduous path - but the right one
OPINION:Sticking it to the bondholders would make matters far worse – Nama is the least worst solution to the crisis, writes DONAL O'MAHONY
IT HAS proved a prolonged and at times frustrating gestation period, but the policy prescription to stabilise the Irish banking system and help kick-start credit creation has finally reached its implementation stage. Nama’s journey has been an understandably arduous one, confronted as it has been by a welter of legislative, regulatory and, not least, administrative needs. Now, the first €16 billion tranche of a circa €81 billion asset-transfer scheme has been effected, and the positive reactions in the funding markets for both Irish Government and bank debt augur favourably for economic recovery.
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