The Minister for Finance, Brian Lenihan, said the banks would have to assume significant losses when the loans, largely made to property developers, are removed from their books.
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former Finance Minister the late Brian Lenihan believes that pension funds could be the most appropriate investors in the SPV.
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Minutes of a private meeting at the department between Brian Lenihan and IMF officials on 29 April 2009 last state that the “IMF (Mr Seelig) do not believe that Nama will result in significant increase in bank lending in Ireland”.
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In February 2013 High Court judge Colm Mac Eochaidh ruled in favour of the Commissioner for Environmental Information.
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Problems relating to paying the notional long-term economic value (rather than market value) for the loans to be transferred to NAMA were highlighted by the difficulties of Liam Carroll's Zoe Developments.
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Finance Minister Brian Lenihan has denied that the Government got its sums wrong on NAMA.
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" Professor Willem Buiter, Professor of political economy at the London School of Economics and former member of the UK Monetary Policy Committee, said: the Irish Government should have, in principle, gone for a good bank, not a bad bank.... The bad bank is always a bad idea because it means that the Government underwrites all the creditors and creates moral hazard."
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On 8 October 2009, Brian Lenihan Minister of Finance said that even after selling real-estate loans to the government's NAMA, that the country's biggest banks may need further money.
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