Proposed NAMA bill

Here is the link for the proposed NAMA bill.

http://nama.ie/Publications/2009/DraftNamaBill2009.pdf

Its 136 pages long but the critical point is the valuation methodology for the bad assets at section
58 at the bottom of page 49.

The whole essence of NAMA is in here , the proposed overpayment by NAMA for bad real estate assets and loans.

The Minister for Finance has refused to publish the exact details of how the "long term economic value" will be calculated till after the vote at the Dail.

This is essentially a blank cheque that the Irish taxpayer is writing to NAMA

There is absolutely no control of how much they will pay for these bad assets.

This is total madness.