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The estimated cost of NAMA

€54,000,000,000

Fifty-four thousand million euro.

It is estimated that the National Asset Management Agency (NAMA) will pay €54 billion to the banks for property-related loans with a face value of about €77 billion.

The Minister for Finance, Brian Lenihan announced yesterday in the Dáil that the Irish State would receive a discount of an average of 30% on the face value of the bank loans.

This rather good article from Simon Carswell of the Irish Times has all the relevant figures: State takes pain as Nama tries to keep banks afloat

It makes clear the extent to which the State will overpay for these almost worthless loans, desperately trying to create another property bubble.

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