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

  1. #16
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    Default Maidir Le: 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

    I wonder how Nama knows this? These surely must be "Nama'd" developers or else it is not their business. So Namad developers are going to "virtually nationalised" banks and getting haircuts.

    My other concern is the complete lack of transparency as to whether bank employees are getting such haircuts on their own property loans.

  2. #17
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    Default Re: Maidir Le: Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by C. Flower View Post
    I wonder how Nama knows this? These surely must be "Nama'd" developers or else it is not their business. So Namad developers are going to "virtually nationalised" banks and getting haircuts.
    Not just haircuts. They are walking from the loans and then buying the assets, it seems.

    With what? Cash or a new loan from the same bank?

    If cash, why are they being allowed to default? If with a new loan, why is the bank doing this?

    Lots of questions and no answers.

    And FG seem to be asking questions that NAMA want to answer. This is worrying, if NAMA are dictating the questions that should be asked of them
    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

  3. #18
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    The Developers are now getting another break, it seems

    Last week, the Minister for Finance Michael Noonan told Sinn Fein’s finance spokesperson Pearse Doherty that “debt forgiveness has not formed part of these agreements” – the “these agreements” meaning the agreements NAMA was reaching with its developers for the repayments of loans.

    But a week is a long time in politics.

    This week, Minister Noonan is saying that NAMA will release developers from “personal guarantees or personal recourse” which to many people will sound a lot like “debt forgiveness”!
    http://namawinelake.wordpress.com/20...al-guarantees/
    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. #19
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    So Noonan has sanctioned "new bankruptcy rules" for developers without the need for legislation.

    Does he still want the EU to restructure those promissory notes ?
    Thomas Jefferson : Banking Establishments are More Dangerous to our Liberties than Standing Armies.

  5. #20
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    So NAMA is letting senior execs engage in private property deals.

    Also, NAMA may be becoming a training ground for execs to garner inside information before gaining employment for companies looking to profit from buying distressed Irish property

    THE former NAMA executive who bought a house from the ‘toxic bank’ last night insisted he had been given permission to do so.

    This is despite NAMA’s code of conduct appearing to ban executives from becoming involved in private dealings with property on its books.

    Enda Farrell, who was a NAMA executive at the time, said he was given general clearance and ended up buying a house and two acres of land in Lucan from developer Thomas Dowd for €410,000 in a private deal last December.

    The revelation that Mr Farrell bought a house on NAMA’s books raises serious questions over how much the so-called ‘bad bank’ knows about who is buying property it controls. It throws doubt on NAMA's ability to keep track of deals, as it sells off swathes of land here and overseas.

    The purchase of the Lucan property appears to have gone through without the agency asking any questions. Now NAMA is under intense pressure to explain how such a senior executive was able to do a private deal.

    Mr Farrell left NAMA in April and now works for a British investment fund that is trying to buy property and land in distressed sales here.
    http://www.independent.ie/national-n...y-3190392.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

  6. #21
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    So NAMA is letting senior execs engage in private property deals.

    Also, NAMA may be becoming a training ground for execs to garner inside information before gaining employment for companies looking to profit from buying distressed Irish property



    http://www.independent.ie/national-n...y-3190392.html

    Nama said it had no worries about this when he left a few months ago.

    http://www.independent.ie/business/i...d-3067656.html

  7. #22
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by C. Flower View Post
    Nama said it had no worries about this when he left a few months ago.

    http://www.independent.ie/business/i...d-3067656.html

    Sunday Times says he left NAMA in January, but he started the new job in March-April.

    Brief cooling off period?

    http://www.propertyfundsworld.com/20...tative-ireland

  8. #23
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Looking way back, at NAMA, I don't remember hearing about these NUIG projects being shut down by NAMA with 300 job losses.

    Anyone know if they started again?

    http://www.galwaynews.ie/16079-hundr...s-galway-sites

  9. #24
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    So NAMA is letting senior execs engage in private property deals.



    http://www.independent.ie/national-n...y-3190392.html
    Newstalk spoke to an Irish Times journalist who said that NAMA were unaware of the property deal until he brought it to their attention
    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

  10. #25
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Weston airport up for sale

    I wonder will Jim pay the 9M difference or are NAMA and teh bank paying that?

    WESTON airport has been put up for sale by its NAMA appointed receiver and it is thought there may be around fifteen to twenty parties which have flagged an interest in buying the North Kildare airport.

    The 256 acres site is being put on the market in two lots - one the main airport and runway complex, comprising 228 acres, and the other a smaller 28 acres property including Weston Park house which has 28 stables.

    Savills are handling the sale. While prospective buyers might think the site suitable for other uses such as hotels and residential development, the area is legally a green belt.

    A guide price for the two lots is €3m, around a quarter of the €12m, which former owner Jim Mansfield, is thought to have paid for the property a number of years ago.
    The Mansfields left the Board the board of the Weston company in May last year after NAMA appointed Kieran Wallace as receiver. Premier Aviation was then contracted to run the airport.

    In October 2011, the new board sought the appointment of a provisional liquidator last on the basis the company could not pay the legal bills arising from Mr Mansfield’s planning battles with various parties, including Kildare County Council.

    John McCallion, a partner in Premier Aviation, along with Alan Nee and Clane resident, John Finn, told the Leinster Leader the airport was running as a going concerns.

    Mr. McCallion told the Leader then said that Weston employes around 85 full and part-time staff at the moment.
    http://www.leinsterleader.ie/news/bu..._e3m_1_3505180
    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

  11. #26
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    Weston airport up for sale

    I wonder will Jim pay the 9M difference or are NAMA and teh bank paying that?

    http://www.leinsterleader.ie/news/bu..._e3m_1_3505180
    Any chance of it being bought by a Consortium of Irish Aviators?

  12. #27
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    Weston airport up for sale
    Does the 3m price tag include the rights to the *cough* import trade routes?

  13. #28
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by Sidewinder View Post
    Does the 3m price tag include the rights to the *cough* import trade routes?
    Thus all which you call Sin, Destruction—in brief, Evil—that is my true element.

  14. #29
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Quote Originally Posted by DCon View Post
    Weston airport up for sale

    I wonder will Jim pay the 9M difference or are NAMA and teh bank paying that?





    http://www.leinsterleader.ie/news/bu..._e3m_1_3505180

    Savills are handling the sale. While prospective buyers might think the site suitable for other uses such as hotels and residential development, the area is legally a green belt.
    i.e. It's unzoned farm land.

    How could that have any value more than a couple of thousand euro and acre?

  15. #30
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    Default Re: You couldn't make this up - Some Odd Facts About NAMA

    Why the hell would an airport be holding hundreds of acres of unzoned green belt land? Expectations of being able to bribe some officials to re-zone it?
    Think National. Act Local. Oh- and superstition is just the dark matter of human history.

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