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Thread: You couldn't make this up - Some Odd Facts About NAMA

  1. #1
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    Default You couldn't make this up - Some Odd Facts About NAMA

    According to this article, one of the top 10 Nama bound developers has won the contract to be appointed a debt-collector for overpaid fines due to the Courts. The individual in question, Mr Derek Quinlan, also owns a clamping company in Dublin: however, all profits earned are taxed in the Isle of Man where the companies are registered for tax purposes. Disgusting isn't it?

    Quinlan – via Tazbell – also now has the contract for court fine debt collection. Oh, and he collects the toll on the M4- M6 motorway too via another company (a public-private partnership construction), in case you’re passing through.

    So you can either pay to park with Tazbell or get clamped. Or you park in the pay-and-display… though you should be aware that if you overstay and catch a fine it’ll be Tazbell that’ll force you to cough up. Or park in one of the smaller car parks if you can find one… and good luck doing that as you rush into Tallaght Hospital, St James’s, Mount Carmel or University College Hospital Galway.

    All the while he pays tax in Switzerland, bases his parent company in the Isle of Man as the taxpayer – the same one he’s clamping, charging and chasing for fines – takes on his loans through Nama.
    http://thestory.ie/2010/10/11/tazbel...s-and-quinlan/
    Last edited by C. Flower; 24-02-2011 at 09:40 PM.
    Нооруз пиээ пурылыа выиттыа


    'Our goal is to conquer state power for the Irish working class'
    Pat Rabitte, 1987

    "Can I ask whether this is what the men of 1916 died for: a bailout from the German chancellor with a few shillings of sympathy from the British chancellor on the side?"
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  2. #2
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    Default Re: You couldn't make this up

    How unbelievably Irish.

  3. #3
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    Default Re: You couldn't make this up

    better again, a solicitor with 800 million borrowings from banks is advising NAMA in their dealings with banks

    A DUBLIN solicitor whose firm advises Nama is, with his wife, being pursued by Bank of Ireland in the Commercial Court for some €69.5 million over unpaid property loans and guarantees.

    Brian O’Donnell and Dr Mary Pat O’Donnell, Gorse Hill, Vico Road, Killiney, Co Dublin, and companies in which they have shareholdings, are alleged by the bank to have extensive additional borrowings of some €800 million with other financial institutions across several jurisdictions.

    Mr O’Donnell’s practice of Brian O’Donnell Partners, Merrion Square, Dublin, is among the firms contracted to provide legal advice to the National Assets Management Agency (Nama).
    The judge allowed three weeks to the couple to outline on affidavit a defence to the summary judgment application and listed it for hearing on March 3rd, when he will also deal with proceedings in which Bank of Ireland wants some €42 million summary judgment orders against three companies of the couple over the same loans. They are GreyStoke, a company registered in Luxembourg; Vico Swiss Holdings; and Avoca Properties Ltd.

    Mr Justice Kelly noted that, apart from the €69.5 million claimed against the couple, a statement of affairs for Vico Capital, of which Mr O’Donnell was chairman, showed borrowings of some €800 million due to other financial institutions. The judge said there seemed to be some confusion about what Vico Capital is. It was described as a private equity firm and a trading name of the couple.

    In its statement of affairs, Vico was also said to have assets valued at more than €1 billion but Bank of Ireland has raised issues about the property values on which the assets statement was based.
    http://www.irishtimes.com/newspaper/...287761627.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  4. #4
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    Default Re: You couldn't make this up

    Now if only we could get Google to buy everything.

  5. #5
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    Default Re: You couldn't make this up

    There are some problems which can only be taken care of by Mastercard. There are others where only lead will do.
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

  6. #6
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    Default Re: You couldn't make this up

    €100m in cash.
    I hope they brought it in one of those briefcases.

  7. #7
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    Default Re: You couldn't make this up

    On the 27th January last Fianna Fail Senator Mark Daly made a series of very serious allegations on Today with Pat Kenny against the National Assets Management Agency (NAMA).


    http://www.publicinquiry.eu/2011/02/...s-allegations/

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    Default Re: You couldn't make this up


  9. #9
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    you mean like this hotel?

    Anglo sells hotel loan at €70m discount

    http://www.irishtimes.com/newspaper/...292607140.html
    "There are two ways to conquer and enslave a nation. One is by sword. The other is by debt." -- John Adams

  10. #10
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Missed this Hat-Tip to boyracer over on the pin:-

    THE NATIONAL Asset Management Agency (Nama) may have to consider lending to property buyers to kick-start the flagging market, according to Steven Seelig, one of its board members.

    Mr Seelig, a former senior official at the IMF, said Nama might have to offer loans to property buyers, including residential homes, to stimulate sales as the banks are not lending on property.
    http://www.irishtimes.com/newspaper/...291282019.html

    There is a complete and utter refusal to accept that property has not yet bottomed out and that the sooner we let it get to the bottom the quicker we can at least look towards the road to recovery.

    Propping up the property market is the last thing this Country needs.

  11. #11
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by ang View Post
    Missed this Hat-Tip to boyracer over on the pin:-



    http://www.irishtimes.com/newspaper/...291282019.html

    There is a complete and utter refusal to accept that property has not yet bottomed out and that the sooner we let it get to the bottom the quicker we can at least look towards the road to recovery.

    Propping up the property market is the last thing this Country needs.
    Are the IMF, through their puppet on the NAMA board, trying to prop up the the Irish property market? This seems to be the only conclusion from reading this article.

  12. #12
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Further proof that the real purpose of NAMA is actually working. Fianna Fail are extremely good at getting it right when it comes to looking after their friends:-

    SAVILLS IRELAND has described 2010 as a “turnaround year” for the company, as consultancy work for Nama and insolvency processes led to the company returning to profit.

    Despite the collapse of the Irish commercial and residential property market, Savills Ireland hired 30 new employees during the last 12 months.

    A spokesman for the company said that, despite the reduced number of transactions, the company benefited from heightened demand for expert advice, including work for Nama.
    http://www.irishtimes.com/newspaper/...292607157.html

  13. #13
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    What I don't, never have, and never will, understand is this monomaniacal obsession with high property and house prices as somehow being a marker of success and a strong economy and yadda yadda.

    It's not just an Irish thing either. The generation in power in a whole range of countries seem to have the exact same blinkers on. High House Prices ==good.

    And that's as far as the "thinking" goes. Not a care in the world about general wage and price levels, the numbers employed, the balance of trade, the diversified balance of the economy across different sectors, R&D and the need to have a presence in sunrise industries to balance old declining industries, the size of the public sector or the tax level, where resources should actually be directed in the public good.....no, not a bit of it, nothing like that complicated boring auld stuff matters, just get house prices high and rising and all will be well.



    It's just so mind-meltingly moronic I just can't fathom how so many people who are supposedly educated and in positions of power can all be so head-slappingly stupid about all this.

  14. #14
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Frank Daly has let 2 cats out of the bag.

    1. Banks (which banks) are selling "assets" back to defaulting Developers (which Developers)

    2. NAMA wants the ability to do the same thing.



    "This may not be a very popular thing to say, but for example, the restriction in the [Nama] Act which bars us from selling assets back to a defaulting debtor; that's a restriction that doesn't apply to any other body that's in the same business or in the same space that we are

    "We are, I make no bones about it, to a certain extent disadvantaged in relation to other banks or other entities out there who might be in the same business as we are, deleveraging in the property market," he said.

    Contacted by the Sunday Independent for additional clarification of Mr Daly's remarks, a spokesman for Nama said: "Other banks are allowing defaulting debtors buy back their properties at today's much reduced prices and NAMA can't do it at present."
    http://www.independent.ie/national-n...s-3053892.html
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

  15. #15
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    Frank Daly has let 2 cats out of the bag.

    1. Banks (which banks) are selling "assets" back to defaulting Developers (which Developers)

    2. NAMA wants the ability to do the same thing.




    http://www.independent.ie/national-n...s-3053892.html
    Could someone please explain to me because I am slightly thick, if a person/company is a defaulting debtor, then where oh where are they getting the money from to buy back these assets at reduced prices?

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