THE “TIDE of opinion” is turning against the National Asset Management Agency (Nama), Fine Gael claimed yesterday, citing remarks by investment house State Street’s boss Willie Slattery, who has described the toxic loans agency as “crazy”.

Fine Gael’s deputy finance spokesman Kieran O’Donnell said Nama chief executive Brendan McDonagh had “put up a robust performance” before an Oireachtas committee this week.

“However, he was unable to address a number of key concerns which are rooted in the very nature of the Nama process,” Mr O’Donnell said.

He said Mr Slattery was “the latest in a stream of commentators, business people and organisations which have expressed concern about some or all aspects of the Nama plan”.

Speaking on Carlow-Kilkenny radio station KCLR on Tuesday, Mr Slattery said Nama was “crazy”, too secretive and on track to “waste €10-€15 billion”.

Mr Slattery, a former employee of the Central Bank and one of the authors of the Bord Snip Nua report, said it was “ridiculous” that the country could not find a cheaper solution.

The head of State Street’s Irish operations said developers’ toxic loans should be left to the banks to manage.

“They have the commercial wherewithal and the toughness to make sure that in their negotiations with developers they will get the best results. That will involve taking losses, it may involve doing deals, but the banks want to rebuild their profitability and their share prices and they have a huge incentive to get that right,” Mr Slattery said.

Mr O’Donnell claimed there was “still no business plan for Nama”. He said commentators who are against Nama included the economists Joseph Stiglitz, Morgan Kelly and David McWilliams, as well as the businessman Dermot Desmond.