I asked some key questions this afternoon to Minister Martin Manseargh on the involvement of NAMA in derivatives.
Firstly,the objectives of NAMA do not mention derivatives anywhere. They mention associated loans but this is totally different from derivatives. So, why is the Gov accepting them?Remember this is nearly €15 billion of derivative positions.
Secondly, why did the figure change from €20 to €40 billion (August) to €14.6 billion (now)? How are they been valued given that the valuation agency has just been putout to tender?
This caused a civil servant to run out of the roon. But I’m still waiting for an answer.