Namaland: Prime Time Special 6/9/11

[PaddyJoe]

And the blame game goes round and round.....FF demonised property developers, says Niall Mellon.

[Dr. FIVE]

[PaddyJoe]

Major change of policy from NAMA went unheralded. NAMA is only going to look for 30 billion back out of the 70 billion paid for loans. What happened to chasing developers for every penny?
Who decided that and when was it decided on? When was it signed off on by FG/Lab?

[Dr. FIVE]

"They are the risk takers "

[C. Flower]

"They are the risk takers "

Well, nobody could argue with that.

They weren't to know there was a safety net. Were they ?

[morticia]

Major change of policy from NAMA went unheralded. NAMA is only going to look for 30 billion back out of the 70 billion paid for loans. What happened to chasing developers for every penny?
Who decided that and when was it decided on? When was it signed off on by FG/Lab?

Hang on, are those figs correct? I think the loans were originally WORTH 70bn when handed out, but Nama paid about 50% or less for them (the large discount was part of the reason for big recaps needed by the banksters).

Let's face it, most of those developers have a snowflake's chance in hell of repaying that money anyway.

[PaddyJoe]

Hang on, are those figs correct? I think the loans were originally WORTH 70bn when handed out, but Nama paid about 50% or less for them (the large discount was part of the reason for big recaps needed by the banksters).

Let's face it, most of those developers have a snowflake's chance in hell of repaying that money anyway.

Yes, the approx 11,000 loans taken over by NAMA were originally worth 70b and there were discounts of between 50% and 68% applied depending on the institutions involved.
The point is that NAMA and its FF defenders always claimed that the developers would be pursued for the entire 70 billion of the money they owed. Of course that was never going to happen but it seems that it is now acknowledged as official policy.

[C. Flower]

Yes, the approx 11,000 loans taken over by NAMA were originally worth 70b and there were discounts of between 50% and 68% applied depending on the institutions involved.
The point is that NAMA and its FF defenders always claimed that the developers would be pursued for the entire 70 billion of the money they owed. Of course that was never going to happen but it seems that it is now acknowledged as official policy.

NAMA is a moveable feast.

[PaddyJoe]

One of the few new pieces of information to emerge was the fact that 'due dilligence' reports on up to 17 billion worth of loans has still not been handed over to NAMA.
Who knows what kind of issues could still be lurking in the small print on these loans. Only the banks know so far

[C. Flower]

One of the few new pieces of information to emerge was the fact that 'due dilligence' reports on up to 17 billion worth of loans has still not been handed over to NAMA.
Who knows what kind of issues could still be lurking in the small print on these loans. Only the banks know so far

I missed the first half. Watching a programme on Russian art.
Really, NAMA is worth a mini-series.

[TotalMayhem]

Nama is working perfectly if you're sitting on the right side of the fence

+1... I's all going according to plan.

[Kid Ryder]

Just finished watching it on the RTÉ playback. The hysterical tone allied to the presenter's Dort accent and high-functioning illiteracy (am I the only person in Ireland who notices the repeated misuse of the word 'enormity'?) was really putting me off, but I persevered with it. First, you'd have to question 'what are NAMA getting out of this show for granting the access they did?' Well, I suppose they're getting to put their point of view in a relatively unchallenged manner, and make themselves look like they're playing hard-ball for the 'public interest'. The stories of the developers (both participating and non-participating in this show) does rather give the lie to this. McEvaddy, O'Flynn, Grehan(?) and Mellon seem to think that NAMA exists to get them back to wheeling and dealing, making sure that they get back to being the 'world-class' rich class Oireland Inc. can't do without (thanks Ulick for using my pejorative!). O'Toole's point that the functioning of NAMA has made the system 'buy in' further on the mindset that got this mess created in the first place was well-made and appropriate, depending on the 'expertise' and 'experience' of these entreprenhoors to get 'value' for the NAMA portfolio from the 'market'.
The titbit of info regarding the non-production of the 'due diligence' by the bailed-out banks for €17bn of debt in NAMA's hands suggests to me that there's a bureaucratic and legal minuet being danced by the developer class, the banks and the statutory players in this mess that aims to stiff the little people for even more of Oireland Inc.'s bad gambles, so that the likes of Bernard McNamara can come 'home' unburdened so Oireland Inc. can restart their fantasy economy once more with someone else's money. The other titbit about developers re-locating out of the state to shop for favourable bankruptcy arrangements is no surprise to PW posters, but when placed in the overall context revealed by this much-flawed, yet valuable, TV show adds to the sense that we the people are being had by this pretence at chasing the developer class while in reality NAMA is operating as the Witless Protection Program for our 'beloved' Oireland Inc.

[DCon]

Is that a rat I smell??

The chief executive of Nama, Brendan McDonagh, told Prime Time it still had to carry out due diligence on €17 billion of loans acquired from the banks.

Nama fast-tracked the acquisition of the loans last year, applying an average discount before examining them loan-by-loan to remove uncertainty around the banks.

Mr McDonagh said there was incomplete loan documentation as in some cases the banks used the same solicitors as the borrowers in transactions and the banks were trying to get this documentation.

http://www.irishtimes.com/newspaper/...303634698.html

[Dr. FIVE]

I like the bit where they said the developers have to wait in the 'holding pen' when the reality is Johnny Ronan rings down from his much bigger office upstairs or from his jet or from his hot tub on the roof or if he really has to talk face to face he takes his own private lift and takes a golf buggy to the office door.