The world's largest property asset holder is...?

[yehbut_nobut]

Well, I don't know the answer, but this came as a shock to me when I read it just now...

NAMA, expected to hold more assets than any listed property firm in the world, will be designed to hold on to its portfolio as long as required for the property market to recover and then gradually sell the assets off.

That in itself is enough to make me worried.

ANALYSIS-Irish bank revamp may be hostage to minor Rabo claim: www.forexyard.com

A very interesting article

...a source told Reuters earlier this month that only the assets of the top 50 developers, with a book value of around 30 billion euros, would be transferred to NAMA by the end of this year and those from the remaining developers would likely be transferred by the middle of next year.

There is the threat that one of the smaller foreign-owned banks such as ACC could get a receiver appointed to a large developer that would have loans to one of the main banks that are going to transfer assets to NAMA," said NCB analyst Ciaran Callaghan. "If a receiver was appointed they would liquidate the investments, and as the property prices have collapsed it could result in banks having to write down the value of those loans greater than they already have," Callaghan said.

Even without the ACC case, the discounts on the assets transferred to NAMA -- forecast in an investor survey last week at around 20-25 percent -- could lead to heavy writedowns at the banks, further capital injections and the state taking majority stakes in the two top lenders.

So analysts admit property prices have collapsed, but we buy them at only 20-25% discount?

[fiannafailure]

This is indeed scary, and possibly makes an election even more necessary

[nixmix]

hmm,I would think perhaps the catholic church would be one of the worlds largest property holder. but theres more a chance of getting the virgin mary herself to appear than getting that information out of them!

[SamVimesBoots]

The "discount" can only be 20% because much more than that and all the banks would immediately be insolvent if they had to write down their "assets" by that much.

Herein lies the Great Fiction. Well, one of them at least, this entire society seems to run on fiction, fairytale and mass delusion! Anyways, going all the way back to the Great Bank Guarantee Scam, all Government policy has been based on the fallacy that we must save the Irish banks and so they are going to extraordinary lengths on what is essentially a complete scam to try and pretend that these turkeys are not already bust.

And it's your wallet they want to steal from for the next 30 years to pay for the cover-up.

These are ex-banks. They have expired, they have ceased to be, shuffled off this mortal coil, given up the ghost. They aren't just resting, they are quite, quite dead. And Irish society would be much better served, and this mess would be over a hell of a lot quicker, if we stopped telling one another fairy stories about the magical systemic banks that rose from the dead and lived happily ever after, and dealt with the Really Real World instead.

[cd27]

you mean holder of real estate, the largest holder of property iin the world is the world's richest man

[Sailor]

Well, I don't know the answer, but this came as a shock to me when I read it just now...

That in itself is enough to make me worried.

ANALYSIS-Irish bank revamp may be hostage to minor Rabo claim: www.forexyard.com

A very interesting article

So analysts admit property prices have collapsed, but we buy them at only 20-25% discount?

If the discount is any greater, then the banks go out of business and the whole exercise will have failed. Time for us all to wise up and realise that the price at which the assets are transferred will be primarily dictated by what the banks can handle and still survive - this is not a moral issue , it´s a simple matter of pragmatism !!

[goosebump]

Poor thread title.

There's a big difference in NAMA being the biggest *Property Company* in the world and the "World's Largest Property Asset Holder".

Not surprised though. Most of the people working in the media in Ireland appear to be drunken monkeys pertending to be human beings.

[cactusflower]

A small number of houses sell at about 35% below peak price. The economy is so weak, dropping house prices further may not increase the size of the market by much.

The problem is that most of the bad loans were made in the last three years at grossly inflated land prices. Even at the time they were made they were out of kilter with market prices for house/development sales.

A haircut of 60-70% is probably more realistic than 20%.

[yehbut_nobut]

Poor thread title.

There's a big difference in NAMA being the biggest *Property Company* in the world and the "World's Largest Property Asset Holder".

Not surprised though. Most of the people working in the media in Ireland appear to be drunken monkeys pertending to be human beings.

Not being an economic goon I don't see a distinction between "world's largest property asset holder" and "hold more assets than any listed property firm in the world". To those I've confused, I apologise, and hope reading two sentences into the thread cleared up any misunderstanding.

Not sure who the drunken monkey reference is aimed at - If me, I don't work in the media. If about the article - its a Reuters piece from an american website.

[SamVimesBoots]

If the discount is any greater, then the banks go out of business and the whole exercise will have failed. Time for us all to wise up and realise that the price at which the assets are transferred will be primarily dictated by what the banks can handle and still survive - this is not a moral issue , it´s a simple matter of pragmatism !!

Why? Why do we have to force all decisions - decisions that will have repercussions for decades and cost the taxpayers many tens of billions - through the prism of we must save the banks!

Why? I've never heard a good reason why we must save a criminally negligent bunch of idiots who were spectacularly cack-handed at managing their own affairs, and who actively colluded to wreck the economy on a blatant Ponzi scheme.

Do we need banks? Probably. Do we need these banks? Hell no.