Let s look at NAMA mechanism.
NAMA processes toxic loans gov takes from banks in a swap with gov bonds.
The banks run to ECB and swap bonds for freshly minted euros.
ECB sits on Irish gov bonds.
Now, the article in the Irish Independent makes sense. The ECB keeps the Irish bonds NAMA bonds forever and ever and ever.
THe banks and the gov and the developers and everyone else involved in the POnzi property bubble boomtimes and its mop up, all benefit.
The banks get a juggernaut of freshly minted cash out of thin air from ECB, reward for inflating a property bubble and stringing up a tranche og young people into high debt keeping em occupied for years to come running around in a hamsters wheel.
The gov get their hands on a huge property portfolio for years to come giving the gov control over the property market and rebooting political power and influence for years to come.
The ECB get great interest returns from the Irish taxpayer in perpetuity.
Nice deal for the ruling classes and ‘insiders’ and rotten deal for the taxpayer who been outside of the insider loop remains in the dark on the dennis the menace money laundering scamarama going on with the bond issuance and money printing and those in the loop funnel the paper money right into their bank accounts.
Again, i reckon, its probably this which is riling people up no end.