In what what does this make a mockery of that? Do you have some reason to believe this bundle of loans was sold for below market price?
If something is being sold at 30% of par in today's market, is it not more likely that the quality of the underlying loans is just really low?
For example, let's say a bank lent €50m to a developer in 2007 to buy some land and then the developer went out of business. Land prices subsequently fell by 90% but have recovered somewhat. If Nama could now sell that loan for only a 70% discount, they could potentially be receiving 3x the value that was applied to the loan when it was moved into NAMA.
Is the opaque 'loan market', a market like the property market ?
Development Land fell 95% in places like the Midlands actually . Did Alanis and Paddy Kelly own lands in Longford ?
Why would you engage in the entire Nama years long process, allow developers cross the Ts on the asset transfers, spend monster amounts on professional fees etc ?
Given how half assed their hold vs sell decision was on the Northern Ireland book (the only one that there's really been prodding on) why would we listen to anything Nama says ?