Bacon who designed NAMA says sell it...

Life is like a box of Bacon.

Stopped reading at commissioned by Treasury Holdings - all semblance of independence out the window.

Jesus - Peter Bacon flying a kite on behalf of an interested party.

Bacon's telling us what anyone with any sense knew years ago - NAMA is a disaster for the Irish taxpayer. And was always going to be a disaster. Its been a wonderful payout for Official Ireland though.

Selling part of NAMA to an international private equity investor or property investment company could provide a better return

- No self respecting investor would go into business with the clowns at NAMA.
- No self respecting investor would pay anything like NAMAs own valuation of its business.

He suggests that the mortgage bank would compete with commercial banks to provide mortgages for buyers of residential property. He says it would address the issues that are currently keeping buyers out of the market and he recommends that it should be formed as a joint venture between the state and a private sector partner.

Whats keeping people out of the market is the refusal of Official Ireland, guided by Peter Bacon, to allow property to clear at market prices. People will always hesitate to invest when they think there is further to fall, and attempting to prevent a "fire sale" means it just takes longer to reach the point where confidence returns.

Setting up a mortgage bank is just another expensive white elephant to provide jobs for the boys.

The state investment bank would provide venture capital for companies. Mr Bacon says that while Enterprise Ireland has been undertaking a role along those lines for some years, the activity should be spun off into a separate entity with public and private shareholding. This would promote long-term economic development, the economist adds.

Foreign banks could also have done so, and did so, but were driven out of Ireland due to the pursuit of the "pillar banks"/green jersey strategy. Ooops.

The problem with setting up these banks is that Irish banks are not lending because they are sitting on huge losses, so they're parasitically feeding on the Irish economy to build up their capital. The Irish state is also sitting on huge losses and is effectively bankrupt. Neither is a good bedrock for a new bank.

The economist says that a key to stimulating domestic demand is growing consumer confidence, and a key to growing consumer confidence is getting the housing market working again.

FFS.

Despite the fact that today's report has been commissioned by Treasury - which is one of Nama's biggest debtors - Mr Bacon says its findings are independent.

Even if true, it just means Bacon cant excuse this nonsense by claiming he was paid to write it up. He actually believes it.