As you know, I believe it is possible to execute what is essentially a debt/equity swap within a NAMA consisting of a corporate framework agreement, as opposed to the NAMA organisation currently envisaged.

The outcome would be that there would be no "price" paid since there would be no sale transaction. Instead, the banks would give up their existing rights as secured debtors and receive in exchange undated rights (eg billionths) in a "pool" of land/property rentals.

Such Units would then be a perfect long term low risk investment eg for pension funds. I could email you something - maybe a long'ish LTE - in the next day or two?

"The future is already here -- it's just not very evenly distributed" William Gibson