Nama chairman Frank Daly and Minister for Finance Michael Noonan at a formal review of the Nama’s operations this morning
NAMA sites can deliver 22,000 new houses and apartments in Dublin over the next five years – Noonan #Nama
— MerrionStreet.ie (@merrionstreet) July 16, 2014
The Docklands area has the potential to be the Canary Wharf of Dublin – Noonan #Nama
— MerrionStreet.ie (@merrionstreet) July 16, 2014
Review: NAMA committed to ensuring delivery of key Grade A office space, retail & residential space in Dublin Docklands development zone
— MerrionStreet.ie (@merrionstreet) July 16, 2014
RTÉ reports:
The report finds NAMA is ahead of schedule and anticipates being in a position to dispose of its assets more quickly than originally envisaged.
The agency is expected to have paid back more than 80% of its senior debt of €30.2bn by 2016, two years ahead of target.
NAMA should be able to repay its debt – Department of Finance (RTÉ)
Read the full 52-page review here
Via Merrion Street
Hmm… How long until the Irish version of the bedroom (spare room) tax then so?
Canary Wharf is an awful place.
I wouldn’t want to live in Canary Wharf, but the docklands probably wouldn’t be as dead at the weekends as it’s not as far from the main part of the City.
But if employed half the people that CW did (a big ask) it would go a long way to eliminating graduate unemployment in Dublin.
just please dog no more banks! or at least mixed! just waiting for the next crash….
Правда
so the wage caps didnt damage Nama, great news…
So is this good news? Noonan’s got his ‘not my fault’ face on.
that…sounds positive. is it positive? is that possible in this day and age?!
I thought that the impaired loans were transferred to NAMA based on current (at the time) valuations of the assets. If so, and considering the significant increase in property values since then, wouldn’t breaking even be a huge underperformance?
No, they were given a long term value which everyone thought was a scam to give the banks a bit of extra money. It probably was, but it seems to be working out at the moment. Unless all the new supply they release undoes the price increases which are mainly as a result of a lack of supply.
The whole thing is a scam, the bigger the haircuts were on the loans, the bigger the recapitalisations would have had to have been for the banks. So paying tiny amounts for the loans would have resulted in huge recapitalisations for the banks, a scam either way.
When working out whether NAMA runs at a profit or not, people better not forget why the banks had to be recapitalised. We currently own PTSB and AIB as a result of this.
They were transferred at “long term economic value”, a subjective concept which, depending who you spoke with was either (i) a pointless underpayment resulting in massive capital shortfalls in the banks for the State to fill, or (ii) a generous overpayment exposing the State to further losses in NAMA. The reality is that there was no market for either loans or property at the time NAMA was established. The LTEV would have factored in the recent recoveries in property values (the report shows this). The result is that (quite rightly) it seems NAMA did not either overpay or underpay the participating banks by very much.
Rob and Serf, thanks for that.
+1
…he gambled and won.
Did he? Do we know a) price paid for loans or b) the valuation of properties not yet sold?
On balance it looks positive with the upturn but I wonder how much rubbish is there in NAMA that will never be sold anywhere? Any figures for that?
Nope, not me anyway.
And the people who “have the skills to develop the sites” will re-emerge and take their rightful places as masters of the universe once more.
Gravy train for the lads.
Jay.
Sus.