Brian Lenihan to appear before Oireachtais Finance committee at 2pm. 31/08/09

[zakalwe1]

The valuations will be based off market data from the last 7 years.

2002-2009

great. not a chance the bubble prices would make up the lions share of the "valuations".

[DCon]

This is the biggest bunch of lies and mistruths I have ever watched.

[netron]

correct me if i'm wrong on this. here's my understanding of NAMA..

I'm a bank - i give £100 million on loan to Mr Developer to buy land worth £100 million.

Mr Developer cannot sell land for £100 million

Nama buys the loan for £100 million off the bank using money borrowed from the ECB.

Mr Developer owes that money now to Nama.

Mr Developer gets liquidated. Nama sells property for £10 million.

That leaves the taxpayer oweing interest on the full loan to the ECB.

Is that right?

[SamVimesBoots]

Valuations based purely on a timescale that is entirely inside the bubble! F***ing scam merchants. Want to see the real long-term valuation on Irish property?

[DCon]

correct me if i'm wrong on this. here's my understanding of NAMA..

I'm a bank - i give £100 million on loan to Mr Developer to buy land worth £100 million.

Mr Developer cannot sell land for £100 million

Nama buys the loan for £100 million off the bank using money borrowed from the ECB.

Mr Developer owes that money now to Nama.

Mr Developer gets liquidated. Nama sells property for £10 million.

That leaves the taxpayer oweing interest on the full loan to the ECB.

Is that right?

maybe the ECB will set up a super-NAMA to buy distressed government loans..

[powderfinger]

"I suspect we are currently at the trough" John Mulcahy.

[Digout]

This is the biggest bunch of lies and mistruths I have ever watched.

ahern @ the tribunal was worse, close though.

[netron]

maybe the ECB will set up a super-NAMA to buy distressed government loans..

HOWEVER - if the property goes up to £150 million. the taxpayer will net a profit of £50 mill and pay back the ECB the £100 million.

is that correct , in very simple terms how Nama is supposed to work?

[Digout]

I wonder how German and French citizens feel about this fraud ?

[DCon]

HOWEVER - if the property goes up to £150 million. the taxpayer will net a profit of £50 mill and pay back the ECB the £100 million.

is that correct , in very simple terms how Nama is supposed to work?

If the property value increases the developer profits. NAMA will own the loans, not the property/land, unless the Developers default and NAMA seize the land.