We were broke and had no money off our own to take the debt off of the Bank's books
I think this is a myth. From what I recall there was 80bn in bank deposits, although I've no idea how much of that was available for property investment.
- Nama staff were more like asset managers than auctioneers. They did what they knew how to do.
- If they've have disaggregated the portfolios, the cherries would have been picked, nobody would have bought the shit and it would have stayed on NAMA books until they end of time,
- In 2011 only the most risk-loving vultures would have considered buying in Ireland. That doesn't explain why NAMA is using the same model now.
- A wave of repos was expected and the govt wanted the backlash to be directed at an external actor. "Vultures" fit the bill perfectly. Wave hasn't materialised.
- Govt wanted to get the cash in before the Eurozone imploded.
- The big boys (Troika) made them do it.
That covers some of the cock ups. Then there's conspiracies...
That said, hindsight is a wonderful thing. I could have raised the cash to buy a few apartments but genuinely thought the govt was going to default and exit the Eurozone so kept the cash outside the country.