By Fintan O’Toole (for the Irish Times)

There are two things we now know for certain. One is that the rationale for Nama is collapsing even before it has begun to operate: the real value of the properties it is taking over is far less than the Government believed. The other is that Nama will go ahead regardless. The only real policy the Government has is to shovel money into the banks, whatever the financial or social cost.