Taken from the Irish Times (via Ireland After NAMA), this 2009 PDF gives a decent overview of some of the NAMA specifics.

Irish Times "Anatony of NAMA" PDF

Everything you wanted to know about NAMA (but were perhaps afraid to ask).

Everything You Always Wanted to Know About NAMA

So what does €54,000,000,000 get you these days? Well, six zombie banks, or…

€54bn - What does that get you these days?

Like to see any other NAMA concepts explained via infographics? Please let us know.

“If NAMA could show that it’s aware of these very basic facts about Ireland’s property market before it starts taking over any loans, I would be a lot less worried about giving it access to tens of billions of euro worth of current and future taxpayers’ earnings. If it doesn’t, the elephant is very much still in the room. If it does, and taxpayers pay a fair price, cash-starved banks will mean a new elephant will take its place – nationalisation.”

- Ronan Lyons, Economist.

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“The Irish Government is squandering large amounts of money to bail out banks – There’s a sort of a view that there’s no alternative. That view is nonsense. The rule of capitalism says that when firms can’t pay what they owe, they go bankrupt. This bank bailout is a simple transfer from taxpayers to bondholders, and it will saddle generations to come. The only thing that might give you solace is that, as chief economist of the World Bank, we see this type of thing happening in banana republics all over the world. Whenever a banking crisis happens, the financial sector uses the turmoil as a mechanism to transfer wealth from the general population to themselves.”

- Joseph Stiglitz, Professor at Columbia’s Graduate School of Business and former World Bank Chief Economist, Nobel Prize winning economist.

Why is this important to Ireland? This outcome highlights that people do not want to be taxed to pay for the mistakes of bankers (and politicians and regulators). This event came about because an Icelandic bank offered products to Dutch and British investors (high returns for high risk). When the bank went bust, the investors lost their investments (capitalism – we’re all grown ups – no big deal). The decision from the Icelandic government was to tax the citizens to repay these investors (even though Britain froze Icelandic assets, potentially contributing to the country’s bankruptcy!). But the people of Iceland weren’t at all happy with this, and they sent a petition to their president. With this in hand, the president decided to halt the process, refused to sign it in, and called for a referendum. And here we are – 93% rejection. Bravo Iceland! By the way, Iceland is back into growth – WSJ link – 3.3% in the last quarter.

Thanks to Richard Cantwell and Business Week.

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