https://www.youtube.com/watch?v=v53ucctAKso
Independent TD Mick Wallace in the Dáil last week on vulture funds and real estate investment trusts (REITs)
Mick tweetz:
Vulture Funds have caused untold damage in Ireland, but they couldn’t have done so without the 100% support of the Fine Gael/Labour & FG/Ind Alliance Governments, not to mention their beautiful relationship with our friends in NAMA…
Thanks Gemma
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Wow.. 67 meetings.
A man that walked away from debts of €35,000,000
A tax dodger.
Disqualified from companies for 6 years.
Ireland needs to handle Vulture Funds like they do in Canada. Tax them heavily, but it might be too late for Ireland. The damage has already been done by Vulture funds. The fact that they paid less tax than private citizens in 2015, 2016, 2017 infuriates me!
Me too. Those tax ‘loopholes’ need to be removed ASAP.
Well done Mick, nicely said
Some of what he said was good
Some of it was plain wrong. One of the last things he said was that NAMA was “set up to put assets into cold storage, and not sell them until the market recovers” this is simply not true. When NAMA was set up in 2009, it was given a 10-year remit to sell off *everything*. It had a repayment schedule to pay back it’s loans – so they had to start selling ASAP – effectively to sell off €7bn each year from 2012.
Do have a source or link to this “repayment” schedule that you just made up ?
Your almost as bad as Mickey d with your lying Cian.
That’s misinformation it’s deliberate like Higgins.
it’s on the NAMA website
Are you a communist too ?
You made the whole thing up like Mickey d-all lies Cian link it then or stop spreading misinformation and lies.
Cian-NAMA issued bonds to buy the loans,there’s NO repayment schedule,none.
You and your employer (FG?) made this up-I’m tired politicians blatantly lying and spreading misinformation,treating irish people likes dupes.
There never was ANY repayment schedule,it’s not possible you got mixed up,NAMA is a liquidation shop and flogged all the prime assets and development sites to yanks that are now hoarding them-your on here daily spreading lies and misinformation-stop it.
“The National Asset Management Agency pays for the loans it acquires from the five participating institutions by issuing Senior Debt securities to the value of 95% of the total consideration and Subordinated Debt securities for the remaining 5%.”
https://www.nama.ie/financial/nama-bonds/
C-ontrar-ian apologising on behalf of the state yet again.
“Mick Wallace did walk away from his debts which is the same for anyone else”
What?
In relation to NAMA, nothing Mick Wallace says about them is incorrect. Hi previous business problems is a lot of whataboutery.
It’s a big cess pit of corruption. A big wine lake created by the state, interfering in the morket that should only be interfered with when it suits – i.e. to enrich the wealthy.
It’s been a disaster for the property market in this country for ordinary citizens.
But if NAMA wasn’t created, the banks would[1] have been paralysed by their bad loans. They would have needed billion more to prop them up…. and/or they would have had to sell their loans piecemeal to ‘vulture funds’; you know – like they way they are selling their non-performing BTL loans?
[1] This is conjecture on my part. But it is most likely true.
not necessarily
Some Loans were performing, and some loans weren’t at risk at all
but NAMA still snatched them from the Banks
Insteada leaving them there
and the secured assets attached to them
You could say they took business from the Banks involved
NAMA was rotten from day 1
just look at who they recruited
and tbf
Paddy McKillen
whatever ye think about him
deserves a bitta credit for challenging the transfer of his loans to NAMA
because there was no reason to
and because they were actually performing
Yes, NAMA took the non-performing loans AND the securities on these. That is literally what a security is for.
builder: “give me 20 million to build in this field.”
bank: “what if you don’t pay back the money?”
builder: “if I don’t pay it back, you can have the field and also this office block I also own and rent. it’s worth 10million”
bank: “okay”
…5 years later:
bank: “you owe us 20 million”
builder: “I don’t have it”
bank: “we’ll keep land and the office block, so”
…
Central Bank: “how’s the craic?”
bank: “not good, we’ve lost loads of money”
NAMA: “we’ll take all that stuff off your books”
bank: “hurrah”
Also the banks choose what debtors to give to NAMA. They could have elected to keep a particular borrower and all their performing and non performing loans.
what they couldn’t do was cherry-pick from developer X to keep some loans and not others.
ah stop would ya
NAMA = Agenda 21 land-grabbing vehicle.