Nama 'can withstand' collapse of developer's €2bn group: irishtimes.com
whom to believe?THE POSSIBLE collapse of Liam Carroll’s €2.3 billion property empire will not derail the establishment of the National Asset Management Agency (Nama), according to the Department of Finance.
However, banking sources said the opposite yesterday. They warn that any significant insolvency will jeopardise the valuation model on which Nama is based.
Last edited by yehbut_nobut; 3rd August 2009 at 01:20 AM.
“A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living”
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Tricky one really given boths reputation for incompetence
By 'jeopardise the valuation model on which Nama is based' of course I assume they mean that the great unwashed will see how little the assets are actually worth...
“A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living”
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Some nuggets in that article for sure:Will that be a similar "pluck a figure out of the air and double it" formula they used to pay for tenders, roads, toll bridges, consultants and the like?Nama will use its own method to value the loans and underlying assets. This will be based on what the department calls the economic value of the assets, as against the market value which would be achieved if the underlying properties were put on the market today.
or how about this:Damaging to whom, exactly?However, banking sources said that a free-for-all, with each bank acting unilaterally resulting from the collapse of a large property group, could cause problems for Nama.
It could force the flooding of the market with properties, with writedowns of up to 80 per cent being forced on sellers. This would have a damaging effect across the entire market and jeopardise the long-term economic valuation model being created for Nama, leading to distressed pricing across the market, according to sources.
“A healthy social life is found only, when in the mirror of each soul the whole community finds its reflection, and when in the whole community the virtue of each one is living”
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NAMA has to be stopped.If this rotten,septic act is allowed to happen,it will create a moral hazard that our children will pay for ,and their unborn children.What we are witnessing is CORPORATE SOCIALISM ,it doesn't matter if you lean to left or the right ,this is a hijack job that has to be stopped.
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
i have to stop reading things about NAMA.
For reasons of self preservation:
What the hell have they done to our country?
A poster of some consequence...
Cookie,
There's gobshytes like me that will do their best to stop it.
Originally Posted by CookieMonster
i have to stop reading things about NAMA.
For reasons of self preservation:
What the hell have they done to our country?
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
I've no idea why some Department of Finance spokesperson felt fit to pronounce on this issue - they have almost no accountants, 1 or 2 economists and no bankers that I know of.
They puffed themselves up with unearned hubris over the years and have little or no relevant realworld experience
Everything I've heard back has suggested Lenihan is doing a great job against the odds: intransigent, inflexible , underqualified staff who take their cues from Brussels and failed us during the boom
Hopefully the Irish Times is confused and this Dep Finance story actually comes from NTMA (who have some very good people)
cYp
"Yawn , am I alive yet ?"
Lenihan isn't a bad lad.He was left a mess ,by slinky individual who now has run for the hills,a man that should be tied to the rotten spike on O Connell street,and whipped to death,for what he has done to this proud nation and it's people.
A champion of the people emerges with the age-old and appealing promise of "something for nothing" - to be financed through every-increasing taxes. Supply and demand are thrown out of gear - the overhead goes up; the effective use of human energy goes down; the standard of living is lowered because money cannot buy wealth that is not produced.
WEAVER, HENRY GRADY,
Broadly agree, but at least it's not IFSRA in charge, they are even worse.
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