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Thread: NAMA make a profit of 90m on one transaction

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    Default NAMA make a profit of 90m on one transaction

    !!!!!

    Nama to profit on London car park - The Irish Times - Wed, Oct 27, 2010

    So Anglo advance a loan for 130m. NAMA buys it for 40m thus forcing Anglo to take a 90m (plus?) write down. NAMA then sells the property and appears to have recovered enough to recoup the loan in full and thereby make a 90m profit !!!!

    Didn't they also make a profit recently on another Quinlan property?

    So much for a "bankers and developers" bail out .........! What about all those threads about LTEV being a premium for the banks.....

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    Default RE: NAMA make a profit of 90m on one transaction

    I would not be ripping into the critics of NAMA because of one transaction making a profit. 90 million is a drop in the ocean of the double digit billions owed.

    A trend is when you get 3 things going in a particular order if increasing or decreasing magnitude. I'll start cheering when NAMA shows such a trend. I won't hold my breath though.

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    The foreign property element was never expected to be as impaired as the Irish loans. Good to hear though.

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    Politics.ie Member sondagefaux's Avatar
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    Swings and roundabouts:

    While Nama will make a profit on the transaction, the transfer of the loan to the agency at a large discount from Anglo led to the bank incurring a substantial loss, contributing to the €29.3 billion cost of the bank to the taxpayer.

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    Quote Originally Posted by sondagefaux View Post
    Swings and roundabouts:
    Exactly. NAMA and any profitability needs to be looked at in the context of the State funding the haircut in the first place
    We have turned the corner.I commend this Budget to the House. Brian Lenihan, 9 December 2009

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    Quote Originally Posted by sondagefaux View Post
    Swings and roundabouts:
    Exactly my point - Anglo lose 90m on the transaction and NAMA make 90m on the transaction - how mucked up is that !

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    Politics.ie Member Squire Allworthy's Avatar
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    Quote Originally Posted by athlonedub View Post
    Exactly my point - Anglo lose 90m on the transaction and NAMA make 90m on the transaction - how mucked up is that !

    The UK property market is very different from that in Ireland. What percentage of the overall portfolio is located in Mayfair or indeed central London?

    That said I would be surprised if they lost money on the overall UK portion.

    Because you win a few Euro on the Lotto one week does not indicate that you will be ahead at the end of the year.

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    Politics.ie Member gijoe's Avatar
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    Wait until they start selling the 'prime development land' in the Midlands bogs - watch the profits roll in there!

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    Quote Originally Posted by hmmm View Post
    The foreign property element was never expected to be as impaired as the Irish loans. Good to hear though.

    deleted

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    Quote Originally Posted by gijoe View Post
    Wait until they start selling the 'prime development land' in the Midlands bogs - watch the profits roll in there!

    NAMA has always said some of the assets they bought were rubbish but some were good quality.

    Only time will tell if they win more on the swings than they lose on the roundabouts.

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