From today’s Irish Independent
The Government is putting the finishing touches to a new bill establishing the National Asset Management Agency, but there are concerns a raft of liquidations before it is introduced could undermine the agency.
However, sources said it was seen as “highly unlikely” that other banks would take court actions because the resulting losses would land on their books, rather than the loans being transferred to NAMA.
9 replies on “No comment”
NAMA is politically queered right out the box. For instance, we are in a situation where there has been a vast, improbably large, increase in irish bank shares over the last three months compared to the EU peers. That couldnt be leakage to strategic insiders that the haircut would be more a snip and cut than the blade 2 that would be warranted. Of course it couldnt, I mean, we have never had a case of insider trading here, so that shows how clean the system is.
A delay in liquidations/receiverships is going to delay recovery. There is money out there and it will wait for the discounted property/businesses whether it is sold by the banks or Nama.
The Dail, and in particular the Greens, should not pass a bill that fails to detail of the price paid for the loans. No blank cheque.
The lack of detail being provided to the public shows a complete lack of respect. Afterall NAMA wasn’t part of the programme for government, so it could be argued that they don’t have a mandate to implement it.
Here is a link to a freely available prospectus for Valesco Funding plc (a german cmbs). Warning – it’s a large file. I think it gives a reasonable description of the supporting loan portfolio. http://www.hyporealestate.com/eng/pdf/OC_Valesco_Funding_plc.pdf
The majority of the document relates to the deal’s structure, but pages 92-97 and pages 138-150 give a good flavour of what the investor is being asked to invest in. I don’t see why similar information can’t be made available for NAMA-bound loans.
Only a political movement to unseat this bunch of bought losers will make it go away.
Let’s see, who isn’t compromised by them? Mainly female candidates. Lawyers and NTs need not apply. Gay Byrne?
WE are so f^$%$%&&#$&#ed!
Before it is too late!
Pat I have to Agree up to a point.
I am starting to believe it is actually unfair to expect the government to fall on its sword. They genuinely do not realise/or want to admit to themselves that they are a large part of the problem. It is up to our largely dossile population to start acting.
Where are the Unions? It seems they are completely asleep at the wheel.
Large civilian protests organised (preferably but not nessisarily) by FG, Labour, unions, consumer groups, independents, charities, interest groups etc etc. calling for this dail to end now. Its the only way of avoiding Billy Timmins belief as expressed on Q and A last night that they will stay in power for another 2 years.
If there is no public sale of “seized” bank assets, with the documents open to inspection for ‘due diligence,’ then the thing will be rigged.
It’s beginning to look as though developers will simply keep their property with reduced interest terms and the State will pick up the difference.
Plainly put, it will be theft and fraud.
There should be prison sentences.
I read in this mornings (wed) papers that IMF says the Government is correct in the actions it has taken in Key areas of Banking and Public Finances. The IMF backs the setting up of NAMA and agrees it can be self-financing.
Am I to take it from Brian that the IMF is not independent —or is this a case of “Everyone is marching out of step except my son Johnny” ?
There are many mouths at the trough and many that are not on the take, but still sit as TDs. Perhaps they could combine from all parties, and decide to form a new party? The mere threat might be enough. This sort of revolt will not cost any production. The oldest trick is to get a “leader” to lead the protest ….. into the ground! This would require, or else disqualify elder statesmen to organize it. The “men in grey suits” who know where bodies are buried, but are not under the cosh themselves. I would prefer to see more non-politicians involved. The idea that the position is hereditary and a family heirloom, reflects a feudal system of patronage that has no place in a modern open country.
Either KCs are in or they are out. KC? If you have to ask…… If ever the illuminati had a role, it is coming clear that leadership is needed before 40Bn at 6% is raised to enslave the Irish for generations merely to protect bond holders, many of whom may have been gombeen squeezers for generations. Foreign bond holders? Give me a break! Why have we been paying through the nose for generations for food and daily necessities? Why is it so that this continues? Where has that money gone? What is a shadow banking system for if not to evade Revenue scrutiny, and make life easier for the main family vehicle the apparently under capitalized business, squeezing the lazy, ungrateful, unGodly, unwashed, greedy impertinent, Irish worker!
Liberte! Forget fraternite and egalite: I’ve got the foreman’s job at last!
This helps define Gombeen man for some in the audience….?