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Thread: SBP:NAMA plan to protect large developers from collapse.

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    Default SBP:NAMA plan to protect large developers from collapse.

    The leading story in today's SBP states:

    Quote: ''The country's largest property developers will be protected from collapse by the proposed National Asset Management agency.
    Under advanced plans being drawn up by the department of Finance NAMA will agree not to force up to 20 of the country's top developers into liquidation''.

    I have long held the view that the setting up of NAMA is going to end up as an unmitigated disaster for this country.How on earth are they going to prevent the top developers from going bust without exposing the taxpayers to a level of dept which we will simply be unable to pay.

    Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.


    One should bear in mind that the country's top 20 developers are responsible for a huge proportion of the toxic debt.I was going to say that the govt do not know what they are doing here.On the contrary it now seems pretty obvious that as far as a bailout is concerned they know exactly what they are doing.

    But it will lead this country to bankruptcy.Quite simply this farce must be stopped now.

    http://www.sbpost.ie/post/pages/p/st...1827-qqqx=1.as



    Link will be available at 6:30.
    Last edited by Marlowe; 17th May 2009 at 08:23 PM.

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    A source went on to say : ''They are against the appointment of receivers and liquidators.''

    If this is allowed to drag on for 10 years it will delay any real possibility of recovery.

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    I think that taxpayers shouldn't pay for these losses. Both the Bank Guarantee and the purchase of Anglo Irish were disasters.

    If the damn thing(Nama) is formed, the lands should be sorted into dead loss (split it up and give it out for use as allotments) and lands with some potential - lands with future development use would be better nursed along. This doesn't mean keeping developers afloat - the lands could be held in public ownership.

    Those lands could be leased for allotments too.

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    Politics.ie Member wombat's Avatar
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    Quote Originally Posted by Marlowe View Post
    Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.
    The longer this goes on, the more I agree with the position of the Republican congressmen who voted against Bush's 1st bank bailout. These people made huge profits during the property bubble and now want to be protected from the burst - it is a distortion of capitalism, nobody is too big to fail.
    Beer is proof that God loves us - Benjamin Franklin

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    Quote Originally Posted by Marlowe View Post
    But it will lead this country to bankruptcy.Quite simply this farce must be stopped now.
    It is impossible
    Politicians in this country are independent from voters

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    Quote Originally Posted by Marlowe View Post
    The leading story in today's SBP states:
    Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.
    Em, at what point did developers' and bankers' losses become taxpayers' "losses"?

    The more light this NAMA thing is exposed to, the more it stinks.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by McDave View Post
    Em, at what point did developers and bankers losses become "taxpayers' losses"?

    The more light this NAMA thing is exposed to, the more it stinks.
    When NAMA buys the developers's loans from the banks, and the developers go bust, that will result in a loss to the taxpayer.

    I fear that if NAMA strings out the developers over 10 years, it will end up with the developers paying their other debts to other lenders by selling capital (plant, land, machinery, etc) and then an assetless developer company going bust with a total loss to the taxpayer.

    If we force them out of business now at least we'd own their assets and could sell them ourselves over 10 years. maybe it would have been better to nationalise the developers instead of the banks?

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    Quote Originally Posted by Marlowe View Post
    The leading story in today's SBP states:

    Quote: ''The country's largest property developers will be protected from collapse by the proposed National Asset Management agency.
    Under advanced plans being drawn up by the department of Finance NAMA will agree not to force up to 20 of the country's top developers into liquidation''.

    I have long held the view that the setting up of NAMA is going to end up as an unmitigated disaster for this country.How on earth are they going to prevent the top developers from going bust without exposing the taxpayers to a level of dept which we will simply be unable to pay.

    Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.


    One should bear in mind that the country's top 20 developers are responsible for a huge proportion of the toxic debt.I was going to say that the govt do not know what they are doing here.On the contrary it now seems pretty obvious that as far as a bailout is concerned they know exactly what they are doing.

    But it will lead this country to bankruptcy.Quite simply this farce must be stopped now.


    Link will be available at 6:30.
    amazing that a lead story can be made out of this. surely the purpose of nama was obvious to anybody with a set of eyes and a memory from the very beginning!!!!!!!!!!!!!

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    FF looking after their own. No news here really.

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    Quote Originally Posted by cactusflower View Post
    Both the Bank Guarantee and the purchase of Anglo Irish were disasters.
    Dare we ask why?

    Quote Originally Posted by cactusflower View Post
    If the damn thing(Nama) is formed, the lands should be sorted into dead loss (split it up and give it out for use as allotments) and lands with some potential - lands with future development use would be better nursed along. This doesn't mean keeping developers afloat - the lands could be held in public ownership.

    Those lands could be leased for allotments too.
    You do realise that banks also have depositors, don't you?

    If we write off all the loans and turn the land banks into allotments, how to you propose we meet deposit demand?
    A demagogue is someone who will preach doctrines he knows to be untrue to men he knows to be idiots.

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