Permanent TSB (PTSB) has decided to proceed with a plan to sell bundles of its worst-performing mortgages, as it faces mounting pressure from regulators to draw a line under the problem, a decade after the global financial crisis began.
August 18, 2017
Ex-taoiseach John Bruton and ESRI’s Frances Ruane join board of PIMCO, the US investor (some would say “vulture”) which triggered the controversial sale of NAMA’s Project Eagle. Bruton the Elder has also recently joined the board of lobbying giant, Teneo. pic.twitter.com/tTKg0yQHbk
— NAMAwinelake (@namawinelake) July 22, 2018
July 22, 2018
US investment powerhouse Pimco has been lined up to buy the rights to most of the income from a portfolio of €1.3 billion of problem home loans that Permanent TSB is planning to refinance in the bond market.
December 1, 2018
The secretive buyers of €1.3bn of mortgages from Permanent TSB will pay no tax on their profits, the chief of the State-owned bank admitted.
Permanent TSB chief executive Jeremy Masding (above) admitted the structure to facilitate the controversial sale will be tax free – using a so-called Section 110 company.
December 7, 2018
Good times.
Buyer of PTSB loans to remain secret – and will avoid tax on profit (Independent.ie)
US fund Pimco to be main investor in PTSB’s problem mortgages (Irish Times, December 1, 2018)
PTSB seeks advisers to sell loans from its worst mortgages (Irish Times, August 11, 2017)
Thanks Eoin
https://www.ikea.com/gb/en/images/products/beskydda-reflective-vest-xs-yellow__0371964_pe553649_s4.jpg
Every one of these creeps seek their thirty pieces of silver.
Id call him a traitor. But he does prefer to be British
Extremely controversial Pepper Ireland is the servicer or the one doing the evictions-its owned by KKR-yank vulture-which received hundreds of millions of YOUR money from the NTMA/NAMA-why ?
KKR was hauled before the US senate recently for running Toys R US into the ground and stiffing the workers, while stripping the company, there are reams of articles/pieces about KKR and Toys-why is this FG Govt investing hundreds and hundreds of millions of your money into this extremely controversial yank vulture fund ?
ISIF’s biggest single investment to date!
“The Ireland Strategic Investment Fund (ISIF), managed by the National Treasury Management Agency (NTMA), together with KKR Credit, have today announced the launch of a new €500 million joint venture, ”
https://media.kkr.com/static-files/4cf74077-e82a-4e01-a803-b786136af46b
Many US state pension funds have suspended investing in KKR or are reviewing doing any future business with them,but not the thick paddies at the NTMA,they invested YOUR money with them in its largest ever deal !!!
Can someone stop by and show them how use Goggle please……
“The Minnesota State Board of Investment decided last week to temporarily halt future commitments to KKR as it reviews the investment, while the Washington State Investment Board spent more than an hour Thursday discussing the holding and asking the private-equity firm to account for its actions.”
https://www.bloomberg.com/news/articles/2018-06-22/state-pension-funds-question-kkr-on-role-in-toys-r-us-demise
Didn’t KKR have to contribute towards the $325 million cost of settling a “collusion” (contract or price-fixing is more apt) lawsuit a couple of years back. Why is the Irish government doing business with them.
https://www.ft.com/content/0cee0c66-1e3e-11e4-bb68-00144feabdc0
The deal Eoin is now referred to as Looting R US-here’s one the many letters US Senators sent regarding the shafting of the company and its employees,it was so egregious that many long term investors in KKR,blinked and said enough is enough, but oh no not this FG Govt,they decided it would be a great time invest in KKR for the first time,and sure lets go BIG we back baby !
Got help those poor homeowners who’s mortgagers this predatory servicer,Pepper/KKR is now serving,because this FG govt certainly won’t!
Not familiar with the above deal-apols.
https://cpc-grijalva.house.gov/uploads/Toys%20Letter%20Final%20Release.pdf
Did ISIF invest in KRR recently? When exactly was the “today” you quoted?
the reason my Posts are full of typos is because I’m suspended/naughty list around here cause bottomholes like you-i have no edit fiction-WTF do you what from me ?
you annoying and boring-get laid or something.
You posted a question about why did ISIF invest in KRR and mentioned issues with KRR.
My question is simple: Did these issues happen before or after ISIF invested? If ISIF invested after these were unearthed – then you have a valid question that needs to be answered.
However, if these issues arose after the ISIF investment then what is your point? That ISIF don’t have a crystal ball? That their time machine is broken?
IF I answer your question and get it right, will you answer mine ?
Why was FF/FG favorite drug dealer allowed operate some the largest open air drug markets in Europe with impunity for many years, then just like that drops dead at 52 in supposedly great health, yet there’s no inquest, no autopsy,nada,zilch in any newspapers ?
Yet Irelands jails all bursting with negleted,poorly educated young people from areas I grew up in, for slinging a few bucks of weed or stealing something to eat ?
On July 28/2015- (link above) Ireland’s best and brightest,this is the argument used by the NTMA/NAMA to stay outside the govt. pay scale,invested in a KKR vehicle,which obv is a matter of national security.
The OM or offering memorandum is a SECRET,the FEES are a secret,the carried interest is a…you get the picture.
Basically,they invested your money with a well known dodgy yank vulture fund,but you are NOT allowed find out the fees KKR is charging you for this pleasure,nor the vig annually nor the performance metrics before their carried interest kicks in,as despite the fact it’s YOUR money this is matter of national security.It is the singlets biggest investment by the NTMA of your money.
Nor will you ever find out how it performs,but what difference does it make if they achieve 0 or lose all the money,or double it,the boys and they mostly are over at the NTMA get paid either way.
On June 19/2015 the SEC issued this press release….
Washington D.C., June 29, 2015 —
‘The Securities and Exchange Commission today charged Kohlberg Kravis Roberts & Co. (KKR) with misallocating more than $17 million in so-called “broken deal” expenses to its flagship private equity funds in breach of its fiduciary duty.
KKR agreed to pay nearly $30 million to settle the charges, including a $10 million penalty.‘
https://www.sec.gov/news/pressrelease/2015-131.html
You turn Cian-why was Reynolds untouchable ?
Nothing to see here, everything is above board and legal. It’s disgusting that it is legal but since it is legal of course a company will do it.
Also worth remembering Bruton’s dubious record on planning outlined in this piece https://villagemagazine.ie/index.php/2016/01/review-faith-in-politics-by-john-bruton/
Guillotine Time
http://www.theparisreview.org/blog/wp-content/uploads/2018/04/576cb32f05aae_louisette.jpg
The “Section 110” company being used to avoid tax was passed into law in 1997 – by Charlie McCreevy.
https://en.wikipedia.org/wiki/Irish_Section_110_Special_Purpose_Vehicle_(SPV)
Bravo blushirts, keeping your vulture fund mates happy..
welcome back dav – I’ve missed your Pavlovian comments!
Oh all of a sudden it’s time to obey the rules and do what the regulators say is it?
Let’s not forget the Alan Kelly brother connection to Teneo.
Bruton is just another parasite and a particularly nasty one.
Banking culture is destroying the modern world. They own Governments worldwide and have killed the middle class. Merry Christmas!