New publication from NAMA

[NAMAwinelake]

NAMA have just published a 4-page Guide overview. Nothing that we don't know already though interesting that they're sticking with a 10% increase over 10 years to break even - with all the revelations about haircuts many thought a 20-40% increase was more in order to break even.

The Guide is on the NAMA website here.

http://www.nama.ie/Publications/2010...0March2010.pdf

[makingjam]

There is some meat in it (at the bottom)

• The portfolio size is approximately €80 billion.
NAMA will acquire some 14,000-15,000 loans.
• The largest 100 borrowers account for
approximately 50% of the portfolio. Some 1,400
other borrowers make up the rest.
• About 67% of NAMA’s prospective assets are
based in the Republic of Ireland and approximately
6% in Northern Ireland. The rest are overseas, with
the bulk of these (approximately 21%) in the UK.
• About 43% of NAMA’s prospective assets are land,
about 26% are development and about 31% are
commercial

[EvotingMachine0197]

Thanks for link. The 43% land assets are probably the real killers.

RTÉ Business: McInerney Irish landbank value halved

To date, McInerney said that it has written down its Irish landbank by 50% and its UK landbank by almost 40% since the middle of 2008. It said this is a 'prudent measure' and assumes that current trading prices and sales volumes continue for the sales life of the landbank in both markets.

[NAMAwinelake]

Average haircut 47% according to the DoF briefing according to Dep Gilmore at 16.31

[NAMAwinelake]

NAMA briefing non first tranche now available

http://www.nama.ie/Publications/2010...nTransfers.pdf

[hammer]

And INBS paid Fingers €1 million for what exactly

[Corkoniense]

There is some meat in it (at the bottom)

• The portfolio size is approximately €80 billion.
NAMA will acquire some 14,000-15,000 loans.
• 1.The largest 100 borrowers account for
approximately 50% of the portfolio. Some 1,400
other borrowers make up the rest.
• About 67% of NAMA’s prospective assets are
based in the Republic of Ireland and approximately
6% in Northern Ireland. The rest are overseas, with
2.the bulk of these (approximately 21%) in the UK.
• About 43% of NAMA’s prospective assets are land,
about 26% are development and about 31% are
commercial

1. how many of these have donated at the Galway tent and elsewhere to FF?

2.Sure as long as Johhny Ronan gets to ride Chris de Burgh's young wan out in Morroco, we'll take care of that "electric" €500 million gamble at the Battersea Power Station

[NAMAwinelake]

The first Anglo loans will have a 50% haircut, will be worth €10bn and the haircut is €5bn - these all look like very round numbers, does something smell rotten here?

[H.R. Haldeman]

.they're sticking with a 10% increase over 10 years to break even - with all the revelations about haircuts many thought a 20-40% increase was more in order to break even.

I think that 10%/10 years thing is just ludicrous. Peter Matthews' take on this:

NAMA requires the prices of underlying assets to go up by 100%, i.e. 9% a year, compound, every year for nine years, not simply a 10% uplift over ten years.

NAMA: What’s Wrong? Banking Expert Peter Mathews on fixing Ireland's Banking Crisis

[NAMAwinelake]

The increase in property prices will be irrelevant if NAMA can hit its 80% recovery rate (20% default rate). It is this rate that is key in the first instance and has not been adequately challenged.