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Thread: McKillen Case - NAMA to lose €740 million in performing loans?

  1. #1
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    Default McKillen Case - NAMA to lose €740 million in performing loans?

    As I understand it NAMA is buying all property and development loans worth over €5 million from the banks.
    We are assured that NAMA will eventually break even or make a profit as these performing and non performing loans are worked out over the next 10 years.
    Very few people believed in that rosy scenario. However, now the NAMA arithmetic seems to be completely banjaxed by the latest developments. It looks like a performing loan which was to be transferred to NAMA will remain with the bank. This increases the proportion of non performing to performing loans on NAMA's books and will inevitably lead to higher losses for taxpayers.
    How many more 'good' loans are going to be kept out of NAMA and when is a revised business plan going to be published?
    Coroin, the firm which trades as the Maybourne Hotel Group and which owns the five-star Claridge’s, Connaught and Berkeley hotels in London is trying to delay the transfer of its Irish bank loans to the National Asset Management Agency (Nama) as it seeks to complete a refinancing of the loans with foreign lenders.
    The hotels are owned by Irish property investors Paddy McKillen and Derek Quinlan, Manchester-based businessman Peter Green and his family, and Dublin stockbroker Kyran McLaughlin.
    The group is thought to be concerned about the effect on the business of the transfer of performing loans to the State’s “bad bank”.
    A spokeswoman for the Maybourne group said it was in the final stages of the refinancing and that the full repayment of the Irish bank loans was “imminent”.
    The group has been in discussions with banks from outside Ireland and the refinancing deal was oversubscribed, she said.
    Nama has been kept fully briefed on the refinancing deal and the transfer of the Irish bank loans to the agency would upset the refinancing plan, she added.
    http://www.irishtimes.com/newspaper/...272793352.html
    Last edited by C. Flower; 01-11-2010 at 03:55 PM.

  2. #2
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    Default Re: NAMA to lose €740 million in performing loans?

    This was probably always the intention, NAMA took performing loans initially to put a bit of lipstick on the pig. Now that we've bought the pig, it doesn't need to wear make-up anymore.

    Lenihan was adamant in the Dáil under extreme pressure from Joan Burton that the performing/non-performing ratio would be preserved.

    Can we just presume from here on out, that when FF say anything about NAMA, that the opposite of what they've said is nearer the truth. Save a lot of time.
    "If you love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you; and may posterity forget that you were our countrymen." Samuel Adams

  3. #3
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    Default Re: NAMA to lose €740 million in performing loans?

    Why were performing loans given to NAMA in the first place? Either way NAMA is and will allways be a flop.

    A turd cant be polished.

  4. #4
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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by Fing Fers View Post
    Why were performing loans given to NAMA in the first place? Either way NAMA is and will allways be a flop.

    A turd cant be polished.
    If NAMA had just taken the bad loans it would have been obvious straight away that the bankers and speculators' trash was been dumped on the State.
    The spin was that because 'good' loans were taken from the banks as well as the bad ones there was some chance that the State might eventually break even. That was rubbish but it helped to make the pie in the sky NAMA figures add up. Now that the banks and developers have got that con job through they feel free to develop it.
    This particular set of loans is just part of the overall loans going into NAMA. What is happening now is that the developers are taking out the potentially profitable stuff for themselves and dumping the rubbish into NAMA for us to look after.
    Privatise your profits and socialise your losses
    Get out the Bollinger. Cheers!

  5. #5
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    Default Re: NAMA to lose €740 million in performing loans?

    If there's a way to make a complete balls of a thing and cost the state a fortune in the process be assured Lenihan will find it.

  6. #6
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    Default Re: NAMA to lose €740 million in performing loans?

    TWO OF Ireland’s most high-profile developers, Joe O’Reilly and Paddy McKillen, are set to bank multimillion-euro profits over the next few weeks as they sell off a number of central London properties following a stronger than expected recovery in property prices in the UK capital
    Although Mr O’Reilly is numbered among the top 10 Nama developers, the three London properties he is selling fall outside the agency’s control as the loans were issued by the UK-owned Ulster bank. However, it is understood that Nama will have a claim over the personal assets of developers who are unable to repay their borrowings, so by selling the properties now, Mr O’Reilly and Mr McKillen ensure the money from these investments cannot be used to service any debts that may be destined for the toxic loans agency.
    Cheers lads. I have no problem paying taxes to subsidise your bad debts while you are taking your profits on London property.
    http://www.irishtimes.com/newspaper/...267013458.html
    How's your ex tax inspector mate Quinlan getting on in his bolt hole in Switzerland? He made sure to bail out sharpish when the **** hit the fan.

  7. #7
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    Default Re: NAMA to lose €740 million in performing loans?

    Paddy McKillen's legal challenge to NAMA will continue in the Commercial Court next Monday 19th July. He is still hoping to keep his 'good' investments while leaving the trash with NAMA and the taxpayer.
    Mr McKillen wants declarations that the procedures and processes adopted by Nama are lacking in natural and constitutional justice and deny his companies the opportunity to argue their loans are not in fact "eligible bank assets" within the meaning of the Nama Act 2009
    Even as it stands NAMA will lose billions but if McKillen wins this case its a dead duck.
    http://www.irishtimes.com/newspaper/...reaking56.html

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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    Paddy McKillen's legal challenge to NAMA will continue in the Commercial Court next Monday 19th July. He is still hoping to keep his 'good' investments while leaving the trash with NAMA and the taxpayer.

    Even as it stands NAMA will lose billions but if McKillen wins this case its a dead duck.
    http://www.irishtimes.com/newspaper/...reaking56.html
    SCAMA could never work. This will be fully proven within 12 months.

    Suckers.

  9. #9
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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by PaddyJoe McGillycuddy View Post
    Paddy McKillen's legal challenge to NAMA will continue in the Commercial Court next Monday 19th July. He is still hoping to keep his 'good' investments while leaving the trash with NAMA and the taxpayer.

    Even as it stands NAMA will lose billions but if McKillen wins this case its a dead duck.
    http://www.irishtimes.com/newspaper/...reaking56.html
    I hope he does. We are Resigned to the fact Nama is a Loss Maker and was designed to rescue favoured Groups from the Word go. I just think decision would Viciously Underline that fact and frame it in such a way even the Fabled FF Bullsh1t machine cant Spin around it.

    One by one, the Veils are removed and Nama stands Naked before us in all its glory. A Rape and Pillage machine, designed to Transfer Wealth to the top 5% of the Population.
    The first robot president won by exactly one vote. Ah, yes! John Quincy Adding Machine. He struck a chord with the voters when he pledged not to go on a killing spree. But, like most politicians he promised more than he could deliver.

  10. #10
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    Default Re: NAMA to lose €740 million in performing loans?

    The State has argued in Court today that the McKillen case is a real threat to NAMA.

    The case is being " fast tracked" to October 12th.


    http://news.ie.msn.com/article.aspx?...ntid=154165250


    The legal challenge by businessman Paddy McKillen and several of his companies to the proposed transfer of €80 million in "non-impaired" loans to the National Assets Management Agency (Nama) presents a "very real threat" to the "vital work" of Nama and must be urgently decided, the State has argued before the Commercial Court.
    Mr Justice Peter Kelly today granted the State’s application to have the case fast-tracked by the Commercial Court and fixed October 12th next for the hearing, expected to last four days.
    Mr McKillen and 15 of his companies claim their €80 million loans from Bank of Ireland are "fully performing" and their transfer to Nama would have a "drastic and significantly detrimental" impact on their business and property rights
    .

  11. #11
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    Default Re: NAMA to lose €740 million in performing loans?

    SUCKERS

    Ye are debt slaves, working to pay for the elites.

  12. #12
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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by Digout View Post
    SUCKERS

    Ye are debt slaves, working to pay for the elites.
    Are you turning into youngdan ?

  13. #13
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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by C. Flower View Post
    Are you turning into youngdan ?
    No, but I do agree with him. I have examined the evidence and there is only one conclusion.

    Ireland is now a debt service machine, the people are now slaves or as I prefer to call ye, SUCKERS.

  14. #14
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    Default Re: NAMA to lose €740 million in performing loans?

    Agree or disagree with him, Youngdan has the best record on Irish Political forums for predictions on the socio-economic conditions and finance.
    "When people fear the government, we have tyranny. When the government fear the people we have liberty."

    Thomas Jefferson.

  15. #15
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    Default Re: NAMA to lose €740 million in performing loans?

    Quote Originally Posted by Cassandra Syndrome View Post
    Agree or disagree with him, Youngdan has the best record on Irish Political forums for predictions on the socio-economic conditions and finance.
    I wasn't talking about his grasp of economics - more his habit of hurling out blanket abuse at the world and his mother.

    These posts nothing to the discussion. In fact they interrupt it.

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