A response from chairman of Nama Frank Daly to the Northern Ireland Finance and Personnel Committee this evening.
It follows the publication of the Stormont committee’s report on the sale of Northern Ireland’s property loan portfolio, Project Eagle – which was critical of Nama and Finance Minister Michael Noonan.
Previously: Contradictions And Refusals
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Yum, comprehensive.
Fair play NAMA for clearing that up….
Taurum Stercore
Hey NAMA… GFY
‘Nama is not under investigation by any criminal investigative body’… Ah grand so.
On their first whinge there, I fail to see how the northern Ireland committee contradict themselves at stating they were disappointed at NAMA not appearing to give oral evidence, by them agreeing that they don’t dispute Nama’s assertions that they are answerable to the Oireachtas.
Like how is that a contradiction? They’re not disputing who Nama are saying they’re answerable to, but they’re still disappointed they refused to give oral evidence.
Is Frank Daly going out of his way to look like an idiot or what?
Whinge # 2 –
“the issue of abandoning the sale process did not arise as long as NAMA believed its commercial objective could be acheived.”
It didn’t matter who was getting paid off, and what conflicts of interests and insider information was being passed on, it would have been bad for our reputation with the vultures to suspend the sale, we’re surprised ye failed to consider that as we were getting our reserve price.
It was best all round and it would have been too time consuming to not bundle the whole lot together and sell it off to the vultures.
More idiocy.
Nice one NAMA, keep up the good work.
Hey norn-iron committee get your fu&@ing shine box.
Whinge # 3
There’s 30 hours of secret recordings available to confirm they was millions set aside to a Isle of Man bank account for individuals on the N.I Nama advisory board.
Mr Rowntree saying he was excluded on details of the sale is not evidence that there were others who didn’t have access to confidential information.
More idiocy.
but did NAMA get the best price for the Irish State?
The way the lot is bundled together, I’d say definitely not.
It’s similar to this –
http://www.independent.ie/opinion/analysis/stephen-donnelly-an-outrageous-act-of-vandalism-and-sheer-stupidity-30013668.html
“The mortgages will be sold off in batches of several thousand, and bought by foreign fund managers..
They don’t have to be sold off like this.. like Nama loans.
Writing off mortgage debt…defo agree with it in some respects….but there is also the fact that my bank might stick my Variable rate by the odd .25% to recover such losses. Moral hazard etc…and never ending argument continues. Sure Donnelly doesnt even deny that what he is writing about isnt the best return for the State. He was going for the sympathy hard working families card to stir up a few more first preferences.
I’ll admit the Isle of Man crap looks dodgy, but as an aside – the whole vulture fund argument. Dont get it. So if the NI portfolio had been sold off to a Canadian teachers pension fund who promised to never ever ever let if off their books would people be happy? BTW NAMA can’t write conditions into their sale agreements saying “Now Mr. Lovely Investor you promise to never ever ever EVER sell this asset on to one of those nasty vulture funds we hear so much about”.
That’s not how s%*t works.
Its bound by law to “obtain the best achievable financial return for the State”. and its doing a fine job of it too – a billion profit for the state last year.
A fine job? More like dismal Steve.
Here you go –
http://www.independent.ie/irish-news/news/nama-makes-a-profit-and-taxpayers-pick-up-the-tab-31228691.html
“So far, so impressive, until one stops to consider the reality of the numbers underpinning those twin targets.
But while Nama may have sold off its proverbial crown jewels prematurely to meet targets agreed by Mr Noonan with our European overlords, the picture isn’t much better here at home when it comes to the prices it has achieved.
An examination by the Sunday Independent of the major loan portfolios sold by Nama to date to foreign investors reveals eye-watering losses which have now been crystallised at the expense of the Irish taxpayer.”
“Writing off mortgage debt…defo agree with it in some respects….but there is also the fact that my bank might stick my Variable rate by the odd .25% to recover such losses”
They would be giving a discount to these foreign vulture funds. Up to 50% on distressed mortgages.
“but did NAMA get the best price for the Irish State?”
Just on that too Steve..
I recall a crowd by the name of Fortress felt strongly enough about the deal that they wrote to Enda Kenny..
Here’s the questions Mick Wallace posed on that –
“What date and time and to whom was the Fortress bid submitted? What date and time and to whom was the Cerberus bid submitted? Were the bidders advised that the bids were to be the best and final bids? Were they advised that the reserve was £1.24 billion? When and by whom was Fortress advised that its bid was not successful? Did Fortress offer in writing or verbally to increase its bid?”
The answer he got from Moany was, he’s using the trick that lawyers use asking questions and that he’s gone a bit bitter because he lost out himself.
Relax, the answer to all our woes is at hand, I have it on good authority that the :Lundy Island Railway and Colonization Company: is back up and running. Seeking expressions of interest, which is great and world wide, including our very own NAMA who have pledged all available funds to be invested in it
The good times are back
We request that you correct the record..
We’re answerable to no one. Yer lucky ye got any information from us in writing. There’s no criminal investigative body in Ireland to investigate us. If we feel like it we’ll answer questions to an Oireachtas committee in our own country. We have no accountability and there’s no oversight of our activities. We were made aware of the issues with the first bid, but we were getting our reserve price so that was all that matters.
Finally, ye’ve no evidence that we’re a pack of incompetent arrogance fupps, answerable to no one, writing off billions at the Irish taxpayers expense and we really don’t care about the odd bit of corruption here and there. We turn a blind eye down these parts to those shenanagins, begorrah, don’t cha know..
We wish ye would shut up making us look bad.
I think that’s about the gist of it..
Ah Anne, sweet girl,
Look up the company I mentioned above
It will give you hope
@anne above.
an examination by the SINDO?? the SINDO?? lol….when “journalists” start using phrases like “european overlords” in their articles….well…its publishes crap from Holly Carpenter.
You are aware that there was a property crash in the Republic of Ireland in 2008/2009 and that assets throughout the country, including property, decreased in value? Loans worth 74billion, issued on the basis of makey-upey repayment profiles, were suddenly worth 32 billion after due diligence was carried out.
Do you honestly think the people who work in NAMA, and ill be honest here i know a few, go into work everyday trying to make a loss for the State?
@anne Im suprised they werent given a 75% discount.
Distressed loan = You are probably going to lose a load of money on that investment.
No moral hazard there at all Steve no?
Nope. The loan value transferred to NAMA in 2008 is irrelevant.
Id rather some “vulture” fund manager in the City make a loss on these underperforming mortgage asset than NAMA. If they wanna buy them fire away lads. and it defo makes sense to bundle good mortgage assets with the bad, unless you want the bad to sit on NAMAs books for the next decade.
Im hitting the hay Anne but we shoudl return on this. night
“Id rather some “vulture” fund manager in the City make a loss on these underperforming mortgage asset than NAMA.”
They’re not making a loss. Do you think they’re like charities like the Simon Community or something?
They’re being sold the mortgages in bundles at massive discounts that Irish mortgage holders can’t avail of, because it’d be moral hazard for the individual mortgage holder, but not for the these investment companies. No moral hazard with giving them massive discounts, to maximize profits…
Check the record, check the record, check the guy’s track record.
https://m.youtube.com/watch?v=ip_r4y-23JM
Ha ha ha….
I posted a link to the wrong song.
Everything turned out better than expected.
Have a good weekend and eat lots of Pringles if you’re planning on using your tradesman’s entrance.
Dat grease…
Lads, lads, give it up.
Anne on The Internet is on to ya! She doesn’t really know what she’s on about, but she’s onto it!
NAMA should be making losses for the taxpayer instead, everyone.
Cmere Kieran KFC, I’m on to you, ya fupping dimwit. Just messin’
But seriously, the vultures are making a killing on what’s being sold to them, to the cost of the Irish people. They’re asset stripping the country.
The profit Nama is making is not a profit in the truest sense.. a big of giggery pokery happened when it was set up and the Irish taxpayer funded the difference between the 74 billion in liabilities with the banks and the ‘true value’ of the assets assigned to Nama.
And shur why would these fuppsh*tes in Nama stop the asset stripping, when there’s millions getting deposited in bank accounts for um or they can work for nama for a period, leave and make a killing with these international vulture funds off of the backs of the Irish people?
This is just one deal where these fixers fees of millions have been discovered. How many other corrupt deals have happened?
Kieran.
It’s the weekend.
At least try to be NYCe.
Here, before you go…do you think THIS is the song I meant to post earlier?
I think it is;
https://www.youtube.com/watch?v=4hsjQhBb4cU
Why did Frank Daly not sign the Letter