NAMA: (definition) The National Asset Management Agency (as opposed to the Nicely Arranged Models Agency); a body created by the Irish Government in 2009 as a response to the Irish financial crisis and the deflation of the Irish property bubble.
In a nutshell (a): NAMA will function as a bad bank, acquiring property development loans from Irish banks in return for government bonds, primarily with a view to improving the availability of credit in the Irish economy.
In a nutshell (b): It hasn’t and will not work.
FOR THE LAYMAN:
Hello Mr Bank! You look sad.
Hello Mr Nama! I feel very sad.
Why are you so sad, Mr Bank?
Because I did a swap, Mr Nama.
A swap! Oh, I like swaps!
I like swaps too, Mr Nama. I swapped 100 jellybeans for this box of broken Lego.
Ooh, that’s a lot of jellybeans, isn’t it, Mr Bank?
Yes, Mr Nama. It certainly is. I want my jellybeans back.
I have an idea, Mr Bank. Why don’t you swap again?
I tried that, Mr Nama, but nobody wants to swap 100 jellybeans for a box of broken Lego. All I can get is 30 jellybeans.
That’s not many jellybeans, is it Mr Bank?
It certainly isn’t, Mr Nama. I’ve lost 70 jellybeans and all I have is a box of broken Lego.
Never mind, Mr Bank. I have an idea.
What’s that, Mr Nama?
Well, I can’t give you 100 jellybeans for your box of broken Lego, but I can swap you 70 jellybeans.
Thanks very much Mr Nama. I didn’t know you had so many jellybeans.
I haven’t, Mr Bank. I’ll take them from Mr Gobshite when he’s not looking.
But Mr Nama, how will you give Mr Gobshite his jellybeans back?
I’ll tell him we can swap the broken Lego for 100 jellybeans next year.
Yuk yuk yuk, Mr Nama.
Yuk yuk yuk, Mr Bank. Game of golf?
Certainly, Mr Nama. Yuk yuk yuk.
Images and text courtesy of Bock The Robber.