The man credited with inventing NAMA has told the banking inquiry it is not doing the job it was designed to do.
Dr Peter Bacon said the agency has focused more on chasing debts than on increasing the value of its investments.
Dr Bacon is giving evidence at the Oireachtas banking inquiry this morning, and claims NAMA hasn't done enough to increase the value of the assets it's taken over from banks.
"This is my personal opinion, based on what I've seen, no greater than that: it has acted more as a debt collection agency than as a property value maximising agency," he told the inquiry.
Meanwhile, a former special advisor to the late Minister for Finance Brian Lenihan has told the banking inquiry he was concerned at the number of people who were taking out 100 per cent mortgages at the height of the boom.