Tag Archives: Nama

THE BOARD of Treasury Holdings approved the transfer of €20.5 million worth of shares in a related company to its owners Richard Barrett and Johnny Ronan in 2010 just before loans relating to the property developers were transferred to the National Asset Management Agency.

The details emerged in an affidavit submitted to the High Court by Mary Birmingham, a senior portfolio manager with Nama who has dealt with the Treasury loans.

Nama claims that in return for this transfer, Treasury received €100,000 and unsecured loan notes, with several conditions attached. Ms Birmingham says Nama opposed this share transfer and has sought – to date, without success – to have it reversed.

But why, NAMA? Why?

Nama claims Treasury is “hopelessly insolvent” with overall debts of €2.7 billion and “past the point of commercial rescue”.

In addition, Nama had provided €103 million over the past two years to support Treasury’s continued functioning.

Ah.

Treasury transferred €20.5m shares before Nama took loans (Irish Times)

(Photocall Ireland)

Nama Wine Lake has combed over Nama chief Frank Daly’s speech yesterday for clues as to what is happening at the (state-owned) largest property company in the world.

Nuggets include:

(1) From March 2010 to date, NAMA has made 6,000 credit decisions. That’s an average of 60 per week or 12 per working day. And each decision is made within an average of six days.

(2) NAMA has “agreed” more than 600 developer business plans representing 95% of the Agency’s total loans, by value.

3)NAMA has approved advances to developers of nearly €1bn. Now this isn’t news but separately NAMA says that developers are expected to grant charges over €500m of unencumbered assets, and to date developers have granted charges over €221m of unencumbered assets. NAMA is not saying if these two facts are connected…Separately NAMA says that it has reversed €160m of spousal transfers.

.

More here: NAMA Is Making 12 Credit Decisions Every Working Day – Chairman Provides Update on Agency’s Progression (Nama Wine Lake)

(Laura Hutton/Photocall Ireland)

 

 

“I do not have to tell you how absurd your negotiating position would become if the parties with whom you are negotiating had full sight of your hand of cards. This would be commercial madness,” he [Nama chief Frank Daly said.

 

Oh.

This could be significantly worse than our previous worst imaginings.

Ireland’s NAMA Sees Property Prices Stabilising (Reuters)

(Laura Hutton/Photocall Ireland)

THE NATIONAL Asset Management Agency has spent €27.55 million on legal expenses since it was established just over two years ago, with the Dublin-based law firm Arthur Cox the highest paid to date.

A total of €16.46 million was expended on legal fees to Irish and international firms last year, €9.75 million in 2010, and more than €1.35 million so far this year.

Arthur Cox, the State’s biggest law practice, has received €3.07 million from Nama so far; €1.9 million in 2010 and €1.16 million in 2011.

The international legal firm Hogan Lovells has earned €2.93 million to date. The London practice Allen Overy received €2.47 million.

Nice work. More to come.

Nama runs up €27.5m legal bill in two years (Irish Times)