Madam, – Having checked figures supplied by the banks, Nama revises downward its hoped-for profits estimate by at least €3.8 billion (Business Today, July 7th).
Section 7 of the Nama Act of 2009 states: “A person who intentionally, recklessly or through gross negligence provides false or inaccurate information to Nama commits an offence”.
It does not matter whether the offender is a fool or a knave: misleading Nama is a criminal offence.
Banks convicted on indictment can be fined up to €20 million. Bankers who spin fairytales face fines of €5 million or five years in prison. Evidently, Nama was misinformed when it drew up its business plan last October. When do we see the prosecutions? – Yours, etc,