NAMA Wine Lake

Minister for Finance Michael Noonan has abandoned control over the former Anglo Irish Bank, now known as IBRC. IBRC has to date cost this country €35bn, though its management claims we will get some of this back. These claims might be treated with extreme caution.

We learned recently that Minister Noonan had sought salary reductions at IBRC in April 2012, but he was rebuked.

We have also learned that there is no monitoring of salaries at borrowers by IBRC, in stark contrast to NAMA where they can seemingly account for every euro paid to developers.

We have learned that unlike NAMA, where there is quite a structured policy for dealing with commercial tenants facing distress in their business as a result of rent levels, in IBRC it is all very ad hoc, and it was only last week that Minister Noonan claimed to have asked IBRC to consult with…

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