So much so that the immediate crystallisation of losses on transfer to NAMA was criticised by some observers who contrasted it with the approach adopted in Germany, where problem loans were transferred to defeasance vehicles at or close to book value, leaving any future losses to be clawed back from the transferring bank in future years.
My own view is to the contrary, indeed, in retrospect a more granular disclosure of the basis for the PCAR2010 projections for non-NAMA losses could have been more effective in allowing the market to infer how uncertain future loan losses remained. b.