It remains somewhat puzzling why the later tranches should have been systematically worse than the first lot. After all, these were generally smaller exposures and  4  http://www.centralbank.ie/press-area/press-releases/Documents/30%20March%202010%20Prudential%20 Capital%20Assessment%20Review.pdf  5  Only if NAMA were allowed to make a global purchase on the basis of a less detailed and time-consuming loan-by-loan evaluation could the uncertainty be removed.
But this was ruled out by DGCOMP – and indeed could have been inconsistent with the Government’s intent not to bail-out the banks’ shareholders.