Brian Carey in the Sunday times pretty much nails it on the head.
It is not available online so I am going to summarize it here.
NAMA is not a taxpayer bailout for the banks, or a Fianna Fail bailout for their builder buddies.
NAMA is the European Central Bank's carefully structured rescue of the Irish Economy.
The difference between Iceland and Ireland are four letters N.A.M.A.
This is Quantitative easing via the ECB.
When NAMA takes over the €90 billion of dud property loans from the banks. It will deposit in
return €60 billion of NAMA bonds with irish banks that can be exchanged in frankfurt for ECB funds. This is what bankers call liquidity. To us it is money injected into the economy.
Who will be the ultimate arbiter's of the pricing mechanism on the loans to be transferred to NAMA? Answer The ECB.