Ireland’s ‘bad bank’ program praised by IMF and rating agencies
The International Monetary Fund reacted positively to the creation of NAMA. Ireland’s financial position in the world is now more credible following the transfer of so-called ‘toxic loans’ to the state owned bank, the National Asset Management Agency (NAMA). This credibility is not shared by the some Irish citizens and is in stark contrast to the protests seen outside Anglo Irish Bank in Dublin. Anglo Irish Bank is in the most precarious financial position and is expected to need bailout funds of €22 billion. At a news briefing held in Washington DC, IMF Deputy Director of External Relations Department, said the Irish government’s support “has been vital to maintain financial stability" and is the right thing to do. He said the government is providing extensive and ongoing support and is an important step on the road to economic recovery.