The truth emerges

Brian Lenihan has effectively admitted that the banks will eventually have to be at least partly nationalised but, and this is the crucial point, not before the setting up of NAMA (Irish Independent).

This confirms what NAMA is all about – The transfer of all loans and liabilities currently held by the banks and property developers onto the shoulders of taxpayers before the setting up of NAMA will protect the interests of bankers and developers while leaving generations of taxpayers to clean up the mess with no advantage whatsoever.