Brian Lenihan to have final say on NAMA valuation

[Simbo67]

The banks will have one chance to challenge the value of the assets taken over by NAMA but Lenihan will have the final say on the valuation according to the legislation to be published today. The government will also buy controlling assets if NAMA wipes them out (what chance that?). Seems like most of the legislation is just going to be enabling powers rather than a clear role of the agency
Lenihan will have final say if Nama valuation disputed - The Irish Times - Thu, Jul 30, 2009

[He3]

The banks will have one chance to challenge the value of the assets taken over by NAMA but Lenihan will have the final say on the valuation according to the legislation to be published today. The government will also buy controlling assets if NAMA wipes them out (what chance that?). Seems like most of the legislation is just going to be enabling powers rather than a clear role of the agency
Lenihan will have final say if Nama valuation disputed - The Irish Times - Thu, Jul 30, 2009

Also here

http://www.politics.ie/economy/89214...ml#post1920634

[Digout]

So, expect FF friendly developers to get a better deal,....FRAUD.

[Rocky]

The whole thing seems like a complete mess.

Under the plan, banks will have one chance to appeal the price put on their loans by Nama to “a valuations panel”, which will advise the Minister, but the final decision will be his, the Department of Finance said.

That is obviously wide open for corruption.

Last night, sources said Nama, which will operate as a satellite of the National Treasury Management Agency, will gauge a property’s potential value “in five, or 10 years’ time” before fixing a price to be paid to the banks.

And this hits me as a clear sign that Nama will over-price the value of everything it buys and the price it buys assets at is obviously crucial.

[jimmyfour]

The banks will have one chance to challenge the value of the assets taken over by NAMA but Lenihan will have the final say on the valuation according to the legislation to be published today. The government will also buy controlling assets if NAMA wipes them out (what chance that?). Seems like most of the legislation is just going to be enabling powers rather than a clear role of the agency
Lenihan will have final say if Nama valuation disputed - The Irish Times - Thu, Jul 30, 2009

Another propaganda piece, but better written compared to the Indo's recent one. This Irish Times article is mainly concerned with bigging up the government, portraying it to be stable, strong, in command. The banks are under stress, strain and overall it's like a a fight that the government - and you - are winning. I think it may be useful to analyse these pieces because they are the mouths of the government.

A FINAL decision on the value of billions of euro worth of property loans will be taken by Minister for Finance Brian Lenihan if banks challenge the valuation put on them by the National Asset Management Agency (Nama).

- the Decision vs The Challenge(r)

Meanwhile, the department again made it clear that the State would buy controlling stakes in Irish banks if property asset losses wipe out their capital after the bad, or distressed loans have been taken off their books.

- more of the same. The state is in control, the banks are bad, distressed, losers.

Illustrating the importance of the new body, the Minister will be on hand to brief on the legislation’s contents, and reject charges that Nama will be “a bailout” for the banks. The legislation will lay down rules to govern the purchase of distressed property asset loans, based upon their “long-term economic value”, the quality of the collateral that exists and respect European Union guidelines.

- some great stuff there. Lots of positive nouns opening of course with the Minister. He has come under fire, it needs to be changed, we need him to be be viewed positively.

Many of the 200 sections in the 150-page Bill will offer enabling powers to the agency to carry out its functions.

- a distractor. basically saying "this bill is big and has lots of sections with stuff in it". WTF?

The rest of the article is just a few quotes and soundbites for RTE. Good job Irish Times and particularly Mark Hennessy on your more subtle pro-government piece. I feel sufficiently reprogrammed now to have faith in a solid, safe, government as they tackle that stressful worry of debts and banks.

Personally however, I think that the more distressing words should be used to open the paragraph and then finish with the positive, solid nouns. However, it's likely that this article, as it's the Times, is for people that already do believe the government is and always was on a sound footing.