NAMA WATCH: The "Valuation Panel"

[MsAnneThrope]

In reading the draft NAMA legislation, if you turn to page 75 you'll find the section on NAMA's "Valuation Panel"

Appointment of valuation panel.

96.—(1) There shall be a valuation panel to adjudicate on disputes referred to it by NAMA under section 72 and section 76.

(2) The valuation panel shall consist of such, and such numbers of (not exceeding 12) persons as the Minister determines and appoints to be members of it.

(3) The Minister shall appoint a person as a member of the valuation panel only if the Minister is of the opinion that the person has relevant expertise or specialist knowledge.

(4) The terms and conditions of appointment (including remuneration and reimbursement of expenses incurred) of a member of the valuation panel shall be as the Minister determines

The appointments to, and the impartial performance of, this panel are absolutely critical for NAMA's chances of success. I already have concerns and they stem from the comments of Justice Kelly, on July 31st 2009, when refusing court protection to six of Liam Carroll's companies. Apparently an independent accountant examined and backed the rescue plan, leading to this response from the impartial Judge:

He described as “a remarkable turnaround” a projection by independent accountant Fergal McGrath, who backed the rescue plan, that the group would move from insolvency and a deficit of more than €1 billion to a surplus of €290 million after three years.

The judge said this degree of optimism “borders, if not actually trespasses, on the fanciful”.

If a plan backed by an independent accountant can be accused of being "fanciful" it highlights how important it is that NAMA's "Valuation Panel" avoids similar misgivings. It must act in a brutally honest, unbiased, uninfluenced and impartial manner or substantial amounts of taxpayers' money may be wasted.

Brian Lenihan must be extremely careful who he appoints to this panel. Please update this thread with your thoughts on potential and actual candidates, as they are appointed by the Minister. Is there any speculation already on who is being considered? Will the positions be advertised or awarded behind closed doors?

[odie1kanobe]

In reading the draft NAMA legislation, if you turn to page 75 you'll find the section on NAMA's "Valuation Panel"



The appointments to, and the impartial performance of, this panel is absolutely critical for NAMA's chances of success. I already have concerns and they stem from the comments of Justice Kelly, on July 31st 2009, when refusing court protection to six of Liam Carroll's companies. Apparently an independent accountant examined and backed the rescue plan, leading to this response from the impartial Judge:



If a plan backed by an independent accountant can be accused of being "fanciful" it highlights how important it is that NAMA's "Valuation Panel" avoids similar misgivings. It must act in a brutally honest, unbiased, uninfluenced and impartial manner or substantial amounts of taxpayers' money may be wasted.

Right and this so called Independent Accountant was paid for by whom ?

[Digout]

Lenihan should NOT be allowed to appoint this panel. What the bets this will turn into another flucking FF gravy train riding the country?

[MsAnneThrope]

Right and this so called Independent Accountant was paid for by whom ?

Exactly

[Digout]

(3) The Minister shall appoint a person as a member of the valuation panel only if the Minister is of the opinion that the person has relevant expertise or specialist knowledge.

What makes Lenihan qualified to decide on who is a good valuation person? Lenny is a barrister, he is not a property expert. Its a bit like asking me to decide on who is a good civil engineer.

[CookieMonster]

I have an awful feeling of dread whenever I start reading about NAMA.

[Digout]

I have an awful feeling of dread whenever I start reading about NAMA.

Dont read the document then, it will make you ill.

[drkpower]

What makes Lenihan qualified to decide on who is a good valuation person? Lenny is a barrister, he is not a property expert. Its a bit like asking me to decide on who is a good civil engineer.

Who should make the decision then?

For good or for bad, we have a system where the Min for Finance does not have to be an acountant, the Min foir Health doesnt have to be a doctor and the Min for Justice doesnt have to be a lawyer. If you suggest a change (which is not a bad idea), fair enough, but within the current system, who do you suggest should make these decisions?

Can we have some ideas or at least constructive criticism, rather than idle sniping.

[PetevonPete]

Seems that FF are already at it - "market value" is an intresting concept when the market is being twisted to benefit their friends - looks like their even willing to let retailers go to the wall to help there diliquent buddies
| Irish Examiner

[Digout]

Who should make the decision then?

For good or for bad, we have a system where the Min for Finance does not have to be an acountant, the Min foir Health doesnt have to be a doctor and the Min for Justice doesnt have to be a lawyer. If you suggest a change (which is not a bad idea), fair enough, but within the current system, who do you suggest should make these decisions?

Can we have some ideas or at least constructive criticism, rather than idle sniping.

I would suggest surveyors, accountants, architects and economists, but none from Ireland. Germans maybe seeing as they will be fronting the cash for a lot of this.