NAMA valuation date to be backdated to November - mugged again, another €5bn down.

[kevmac]

jesus is this story really TWO WEEKS old?

this was the first i heard of it today on newstalk, and even then it was an off the cuff remark.

you'd think someone would think its news in the maintsream !

With all the fun and games going on in the last two weeks I'm not surprised, FFS even the social partners reaching agreement in principle was reduced to a footnote last tuesday.

[NAMAwinelake]

As someone who used to work as a chartered surveyor (not in this country) if a portfolio of properties is being valued you have to set a certain date otherwise you can't come up with a valuation of the portfolio. I'm not sure what method the guys used, it's obviously not the comparable method as nothing is moving at the mo. More likely an income approach which leads into why certain institutional investors will not reduce rents on Grafton Street et al.

Absolutely correct with the valuation date and given the banks were required to submit their valuations before Christmas (which they mainly did), a November 30 valuation date makes sense.

Since then rents on Grafton Street have fallen by 13/14% according to Lisney's reported in today's Independent (that's a 44% annualised rate of drop). I cringe when I think what that means for the present value of the assets NAMA has bought.

It really is time to campaign for NAMA to change the valuation date, which does not appear to be at odds with anything in the NAMA Act, to April 2010. Otherwise the NAMA "over-riding objective" of protecting the taxpayers' investment looks insultingly hollow.

[grafter1]

If the state loses €40Bn in this back bail out/ Nama exercise it will correspond to less than two years of our current deficit.

Nama stinks - but as a taxpayer i'm more worried about the €100Bn we'll be losing over the next 5/6 years - paying for the giveaway budgets of McCreevy and our good ol socialist friend and exempt (p*ss) artist Bertie

[hammer]

Thankfully its only money

Your health is your wealth.

25% of the population still support this Government

[Asparagus]

Thankfully its only money

Your health is your wealth.

25% of the population still support this Government

At least we have a functioning health system to protect that wealth...