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Thread: NAMA: making it up as they go along

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    Politics.ie Member Libero's Avatar
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    Default NAMA: making it up as they go along

    It's been a big morning for Irish politics and economics, hasn't it? A big morning for Irish life, in fact.

    So big, you might have missed something important about NAMA.

    It's operations are being fundamentally changed.

    We all remember being solemnly told that NAMA would acquire property finance related loans with a nominal value in excess of €5m. Not any more. Now, in relation at least to AIB and Bank of Ireland, NAMA will only acquire such loans in excess of €20m.

    This change will be the main driver in reducing the number of NAMA debtors from 1500 to 850.
    The Government has decided, having consulted with the NAMA Board and the European Commission, that where the total exposure of a debtor is below a €20 million threshold in AIB and Bank of Ireland, that debtor’s loans will not now be transferred to NAMA. The threshold had previously been set at €5 million. … I have been advised by NAMA that there are 650 debtors with property-related debts of between €5m and €20m in these two banks. They account for just €6.6bn of the aggregate €80bn volume of NAMA eligible loans.”
    http://irelandafternama.wordpress.co...r-aib-and-boi/

    Surely NAMA must quickly publish a revised business plan. Everything changes with an announcement like this, from NAMA's funding needs to its forecast recovery rate, to staff numbers and outside advisors.

    The excellent NAMAwinelake draws attention to the ever-decreasing amount scheduled for transfer from Bank of Ireland to NAMA. Is it a mechanism whereby the bank keeps better quality loans from transfer to NAMA? Is this to save the bank from recognising the full extent of its bad loans?
    NAMA scope and operations significantly altered NAMA Wine Lake

    So much for NAMA cleaning up the balance sheets of the banks, bringing a measure of finality, and helping get credit moving.

    Lenihan is making it up as he goes along.

  2. #2

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    I feel like watching the 'Blessed are the cheesemakers' one ..

    Hadn't they budgeted €2.5 Billion or something for legal fees ? So we can expect a significant reduction in this presumably ..
    Redacted.

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    This whole thing is rotten to the core from the very top to the bottom....

    Everyone involved should be S***

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    Here is the Presentation that NAMA gave at the FF drink-in.

    Lacking in details and quality..

    http://www.nama.ie/Publications/2010...14Sept2010.pdf
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    This is a complete cover up of the mess left for us by the antics of Anglo, Golden Circles, FF Developers and their political buddies. We are being continually being lied to. The last two years was a smoke screen in an stupid attempt to shut us all up so we would bale them out with this crazy digout.

  6. #6

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    Quote Originally Posted by DCon View Post
    Here is the Presentation that NAMA gave at the FF drink-in.

    Lacking in details and quality..

    http://www.nama.ie/Publications/2010...14Sept2010.pdf

    And credibility.....
    Politics Mods.....where were you when the mink were released?

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    I don't know the reason for this, but is it not plausible that it's down to a question of human resources (ie management)? ie it may be better for them to concentrate their resources on the big fish. Nearly half the debtors only account for just over 8% of the loans. It doesn't sound like the issue is quality. It's simply scale.

    But, are they making it up as they go along? Of course.

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    Politics.ie Member spidermom's Avatar
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    plus the loans are to be tranferred before Halloween...and not by next Spring!!
    When a man sits with a pretty girl for an hour, it seems like a minute. But let him sit on a hot stove for a minute and it's longer than any hour. That's relativity.

    ALBERT EINSTEIN

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    Quote Originally Posted by orbit View Post
    I don't know the reason for this, but is it not plausible that it's down to a question of human resources (ie management)? ie it may be better for them to concentrate their resources on the big fish. Nearly half the debtors only account for just over 8% of the loans. It doesn't sound like the issue is quality. It's simply scale.

    But, are they making it up as they go along? Of course.
    Why do we need state owned banks and Nama to collect a loan. Nama should be abolished and the loans returned to the banks (now state owned) Think of the billions that could be saved by letting NAMA go. The biggest smoke screen ever created by FF and its well money'd supporters. The markets never fell for NAMA being off balance sheet government debt why hould we?

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    Good op libero. Actually, is it just me or is the reaction and publicity very muted and resigned considering we have just passed a generation defining moment?!

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