Dr. Peter Bacon:

What caused me to change my opinion is that NAMA has the biggest property portfolio, I think, under one roof, certainly in Europe, and it has acquired that at rock bottom prices. We all know what is happening at the moment in the property market. It goes through cycles. Ireland went through a particularly vicious one. I think the criticisms that I have made of NAMA have not been about the general approach. It is more about the ethos.

My personal opinion, based on what I see - no greater than that - is that it has acted more as a debt collection agency than as a property value maximising entity.