Anglo to transfer €36bn of loans, up from €28bn in September 2009

So claims today’s Irish Times which updates us with some precise detail on the present status of the transfer of the first tranche – again wonderful to have any news but concerning it comes out through select media. The question that is begging to be asked is why Anglo’s loans have increased by €8bn since last September 2009. We understood the figures in September 2009 to be draft and indeed would naturally move with increased interest on the loans and repayments, but an €8bn increase cannot be thus explained. Why was the Anglo analysis so far out? Given the reported concerns about Anglo and the quality of its loan book and indeed the value of its loan paperwork, have the finances for NAMA changed markedly? Is there any relationship between this major change in Anglo’s loans and the arrest of its former chairman yesterday? We have become used to throwing around billions of euros in discussions of NAMA but do we sometimes forget that the NAMA operation is effectively underwritten by our National Debt? Surely a ministerial statement or an Opposition question is called for if these claims are correct?

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