Irish Finance for Activists provides progressive and radical responses and strategies for finance in Ireland. It discusses that NAMA acquired approximately 16,000 properties and over €62 billion in debts from the top 190 debtors, who overborrowed in a Ponzi-like scheme that inflated asset values unsustainably. Brendan McDonagh, the CEO of NAMA, noted the disconnect between economic growth rates of 8-9% and bank lending growth of 35-40%, and that overpaying for assets caused the problems.

1. Irish Finance for Activists:
Progressive and Radical
Responses and Strategies
Dr. Conor McCabe
R2CTom Stokes Branch, 12/10/19

13. NAMA PROPERTIES = c.16,000

14. “The problem here is that, when one looks at the top 190 debtors
in the NAMA universe with debts of €62 billion, a relatively small
number of people were chasing the same assets and it was like a
Ponzi scheme. They overborrowed and were overlent to by
banks. There was huge inflation of asset values and this was not
sustainable in the context of the economy. There was a
disconnect between the economy growing at 8% or 9% per
annum and lending by banks growing at 35% or 40% per year.
The problem was caused by overpaying for assets.”
Brendan McDonagh, Chief Executive, NAMA, in evidence to the Public Accounts Committee, 26
October 2011