The asset management agency NAMA has been established to purchase the largest property related loans from the banks on an ambitious scale – indeed, relative to the economy NAMA will be among the largest agencies of its type – China providing possibly the closest parallel.
*  *  *  Let me begin by thanking Marek Belka, President of the National Bank of Poland, for inviting me to give this inaugural lecture in the National Bank’s bi-annual series during Ireland’s Presidency of the European Union.