Thursday, 5 November 2009
National Asset Management Agency Bill 2009: Report Stage (Resumed) and Final Stage
Frank Fahey (Galway West, Fianna Fail)
In one sense Anglo Irish Bank is a zombie bank, it is an institution we are all disappointed in for what it did, but from now on, Anglo Irish Bank could become critical to the successful recovery of the property sector. NAMA will be the bad bank for it which, when it loses its toxic debt, can become a good bank. I predict that many of the Anglo Irish Bank assets will be among the best that will come into the ownership of NAMA, particularly in the US and Britain. The NAMA assets that will be taken over there will be the first assets that will yield profit for NAMA.