Conclusion ……………. To avoid this it is imperative that NAMA does not just liquidate assets, it must also add value to assets so that this value can be realised in later years so as to meet the
repayment schedule. It is the writer’s opinion that NAMA must take this strategic long term view if it is to achieve its bond repayment schedule.
Yeah, right, important not to frontload any losses but hide them till the end.
Now, list of employees please, salaries, payments to developers, ongoing expenses, bonuses please, the monopoly play costs so far?? A real long itemised spreadsheet covering everything including the cost of tea bags.
You’d think that document referred to a teashop somewhere and was written on a paper napkin.
So, staff should have targets, metrics on said targets should be reported on regularly, exception reporting should take precedence when the big boys are in the room, the CFO should be full-time, and – I forgot to mention – we need another 200 staff on an average salary of 125K a year.
Staff must be incentivised not to leave (presumably being paid a more than decent wage in an otherwise sinking market is not incentive enough) and staff must be reminded (or maybe incentivised once more) not to flog everything in sight in order to reach the first (again, you’ve guessed it, probably incentivised) benchmark of 7.5bn at y/e 2013.
Oh, and database is one word and it doesn’t need to be capitalised. This isn’t the 1960’s.
one of the largest property managers on the planet gets a black mark report on governance – no CFO, Internal Audit or HR functions to speak of- a CEO focussed on controls – no strategy for the future etc.
Thanks for the link, Philip
NAMA seems to have the culture of the DoF. I always wonder how it must feel for Irish professionals with experience at the highest levels abroad to come back and examine the set ups in organisations such as NAMA. Do NAMA employees have long tea breaks that start at 10am and run well past 11 ?
It is pathetic that the review had to include this :
“NAMA’s publicly stated goals of repaying €7.5 billion of its debt by the end of 2013, €16.5 billion by the end of 2017 and €7.0 billion by end of 2019 will be what the Board and the Executive will be measured on by the shareholders-the people of Ireland.
While NAMA believes these goals are achievable it is questioned how much of the stock of assets will be used to meet the first goal and hence leave a shortfall of assets for the remaining goals. To avoid this it is imperative that NAMA does not just liquidate assets, it must also add value to assets so that this value can be realised in later years so as to meet the
repayment schedule. ”
How would the Swedish bad bank compare?
From page 6:
“Throughout the life of NAMA, it will be expected to develop and introduce new products and asset holding structures to assist with monetisation of the portfolio. These should be developed within Strategic Planning.”
New products? Is that referring to NAMA financing deals or?
From page 7:
“A semi annual report should be prepared showing amounts paid (over €500,000 in aggregate during the period) to third party professional providers. This should also include fees to loan brokers and estate agents.”
Why 500,000 instead of 100,000 (or less?)? Any good financial package should easily be able to pull the reports.
If it concerns ALL (does it?) third party professional providers, why are two kinds specifically mentioned?
5 replies on “NAMA Report”
Yeah, right, important not to frontload any losses but hide them till the end.
Now, list of employees please, salaries, payments to developers, ongoing expenses, bonuses please, the monopoly play costs so far?? A real long itemised spreadsheet covering everything including the cost of tea bags.
You’d think that document referred to a teashop somewhere and was written on a paper napkin.
So, staff should have targets, metrics on said targets should be reported on regularly, exception reporting should take precedence when the big boys are in the room, the CFO should be full-time, and – I forgot to mention – we need another 200 staff on an average salary of 125K a year.
Staff must be incentivised not to leave (presumably being paid a more than decent wage in an otherwise sinking market is not incentive enough) and staff must be reminded (or maybe incentivised once more) not to flog everything in sight in order to reach the first (again, you’ve guessed it, probably incentivised) benchmark of 7.5bn at y/e 2013.
Oh, and database is one word and it doesn’t need to be capitalised. This isn’t the 1960’s.
one of the largest property managers on the planet gets a black mark report on governance – no CFO, Internal Audit or HR functions to speak of- a CEO focussed on controls – no strategy for the future etc.
Thanks for the link, Philip
NAMA seems to have the culture of the DoF. I always wonder how it must feel for Irish professionals with experience at the highest levels abroad to come back and examine the set ups in organisations such as NAMA. Do NAMA employees have long tea breaks that start at 10am and run well past 11 ?
It is pathetic that the review had to include this :
“NAMA’s publicly stated goals of repaying €7.5 billion of its debt by the end of 2013, €16.5 billion by the end of 2017 and €7.0 billion by end of 2019 will be what the Board and the Executive will be measured on by the shareholders-the people of Ireland.
While NAMA believes these goals are achievable it is questioned how much of the stock of assets will be used to meet the first goal and hence leave a shortfall of assets for the remaining goals. To avoid this it is imperative that NAMA does not just liquidate assets, it must also add value to assets so that this value can be realised in later years so as to meet the
repayment schedule. ”
How would the Swedish bad bank compare?
From page 6:
“Throughout the life of NAMA, it will be expected to develop and introduce new products and asset holding structures to assist with monetisation of the portfolio. These should be developed within Strategic Planning.”
New products? Is that referring to NAMA financing deals or?
From page 7:
“A semi annual report should be prepared showing amounts paid (over €500,000 in aggregate during the period) to third party professional providers. This should also include fees to loan brokers and estate agents.”
Why 500,000 instead of 100,000 (or less?)? Any good financial package should easily be able to pull the reports.
If it concerns ALL (does it?) third party professional providers, why are two kinds specifically mentioned?