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Should the transfer of Anglo’s remaining NAMA tranches be put on hold ?

from source http://namawinelake.wordpress.com/author/namawinelake/

Should the transfer of Anglo’s remaining NAMA tranches be put on hold pending clarification of Anglo’s total costs?
namawinelake | August 27, 2010 at 10:15 am
Anglo has transferred a cumulative total of €16bn of its NAMA-bound loans in tranches 1 and 2, leaving an estimated €20bn in its remaining tranches if the estimates in NAMA’s revised Business Plan and accompanying tranche 2 detail are correct (what introduces some doubt is the claim two weeks ago by the Anglo CEO Mike Aynsley that €2-4bn of NAMA-bound loans in the UK and US may be “reclassified” in agreement with NAMA).
If tranches 1 and 2 are anything to go by, NAMA will in future pay Anglo a Long Term Economic Value (LEV) premium of 10-12% of the current market value of the loans. So if €20bn is still valid as the face value of the remaining Anglo loans and they have a current market value of 45% of their face value, then NAMA will be paying €0.9-1.1bn above the current market value of the loans. That is a substantial sum of money to be gifting a bank whose future is being debated as we speak at the EU with a European preliminary view on the future of Anglo due in weeks.
The perpetual murmurs of disquiet about Anglo have grown substantially in volume this week. Standard and Poor’s downgrade of Ireland’s credit rating was predicated in part on their assessment of the increased cost of bailing out Anglo at €35bn. Last week in Beijing the Governor of the Central Bank broke the news that “Anglo may impose a NET [my emphasis] cost to the Government of about €22-€25 billion”. A net cost of course could be a gross cost of €35bn with €10bn recouped over time (eg through sale of a government stake in Anglo’s Newbank, redemption of NAMA bonds at face value rather than the accounting value which might assume a large discount). Trinity College economics professor Constantin Gurdgiev repeated his view that Anglo could incur losses of “€33bn in mid-range case, rising to €38.6bn in the worst case scenario”. It is not clear if these losses equate to a net cost to the State as there may already be provisions for these losses and Anglo has a (small) capital base. Today in the Irish Times, former Ulster Bank chief economist Pat McArdle suggests that, in an attempt to improve Ireland’s credit rating “we could try to give greater certainty regarding the Anglo bailout cost, possibly by postponing all other transfers to Nama until Anglo is taken care of.” Other calls this week came from the domestic politics (FG’s Finance spokesman, Michael Noonan calling for a debate at balance sheet level to assess the different options for Anglo) and the Financial Times editorial which today says “it is time to staunch the bleeding. As Irish state guarantees near their expiry date, some banks will not be able to refinance their balances. The government should prepare insolvent banks for forced debt-for-equity swaps, which would instantly recapitalise the banks in question and cap the government’s exposure”. This blog has expressed concerns about the non-NAMA losses at Anglo and whether these are being realistically assessed at present.
Last weekend NAMA paid Anglo a LEV premium of €270m on its latest tranche of loans, a considerable gifted sum in normal times but small in comparison with the expected €1bn of LEV premiums on the remainder of Anglo’s NAMA loan book. Has the tipping point now come whereby Anglo’s future is consensually decided (consensus impedes speed of action but the sums involved have grown to state of war proportions for the Irish state)? And until Anglo’s costs are clarified, should NAMA put the transfer of future loans on hold as these future transfers will involve the State paying substantial sums in excess of the true value of the loans.

Comment:

We did not have to wait for the past 18 months to expire to suddenly find out that NAMA was going to end up paying way over the odds for the various toxic assets from the Banks, never mind the Crap it was getting from ANGLO IRISH BANK
The simple fact is that from the start we the ordinary Joe soaps could smell that a sweetheart deal has been done by the Fianna Fail Government with the establishment of what is now openly been acknowledged as the largest bail out in Irish corporate history and all for the benefit for the golden circle, the chosen few, the cronies and leaches and hangers-on of the Fianna Fail party

This is now seen as a fraudulent transfer of wealth from the citizens of Ireland to a group of irresponsible gamblers, with the help of economic traitors within the government and a totally incompetent regulatory authority that at this stage one must ask if it was designed to be so, in order to facilitate this fraud in the first place !

It is the duty of every citizen to make sure that the next tranche 3 of toxic loans from Anglo-Irish Bank should not take place and indeed an independent international enquire should be set up to investigate exactly who were the beneficiaries of the billions that have already gone into this toxic Toilet, who was responsible for the approval ludicrous high valuations put on these worthless toxic assets and whether there was a conflict of interest at any level
The Fraudulent actions of Government ministers to be exposed and all individuals brought before the courts and jailed on convictions, no golden handshakes or beefed up pensions to be paid out to any individuals found to have felicitated in the cover-up of fraudulent actions or helped to hide relevant information that would have expose this monstrous fraud on the Irish taxpayers
This continued drip ,drip feed of lies must be stopped and the truth must be put before the people
In the form of a general election or a referendum on the issue
I call on all the opposition parties to declare that they will not honour any of the fraudulent guarantees given to the international bondholders by way of an extended government guarantee given in the first place without the consent of the Irish people
I dispute the authority of any government to place me and the hundreds of thousands of its citizens into a kind of financial enslavement to corrupt financial institutions that then are enabled to legally rob me of my family home, my savings, and my prosperity as a consequence of their corrupt practices.
As a result of the establishment of NAMA the countries financial institutions have effectively sucked dry the financial resources of the country for the next generation.
Thus robbing me and the majority of the countries citizens the necessary means to independently provide for their family’s and so forcing families to become dependent on the state for handouts
These actions are a clear breach of the rights guaranteed to every citizen of Ireland by the Irish constitution (see PDF Here Constitution of Ireland) and so renders the establishment of NAMA illegal without first haven put it to a referendum to the citizens of Ireland
Please stand up for our constitutional rights , get active and  put an end to this  madness

Michael Collins would take out his revolver……………..


The German economy is poised to grow by about 3% this year, after growing at its fastest rate for more than 20 years during the April-to-June quarter.
That spurt has led the Bundesbank central bank to raise its growth estimate from its original 1.9%.
The bank said conditions for Europe’s biggest economy remained favourable and “the economic upward movement should continue in the second half”.
But it said risks from “developments on international financial markets” exist.

These risks are of course that the other PIGS countries might stop helping to bail out German banks that have after all lent billions into their risky banks
These PIGS might just say enough is enough and we will not put up with any more dictates on austerity measures coming from the German Bundesbank
We the Irish might wake up and tell them to take a running jump, after all the Irish taxpayers were not responsible for private banks and their bad boardroom gambling investments
In the USA this year the FED has allowed 103 banks to go bankrupt whilst here in Ireland the economic terrorists Cowen and Lenihan have decided to bail their pals and the golden circle in Anglo Irish Bank out by socializing the private debts of Developers and German bondholders (Deutsche Bank)
So of course Germany is doing great we have just given them 22.5 billion back of the bad gambling debts they made on Anglo Irish Bank and we are also going to give them back another 10 billion
I suspect we will end up giving them back 70 odd billion
We are the dummies that were conned into paying their bad debts by Cowen and lenihan
Who told the Irish people we had engaged in irrational exuberance when in fact the Germans
Gave vast amounts of money (2.5 trillion) to corrupt bankers and with the help of incompetent government ministers (Cowen, Minster of Finance) here in Ireland
The Germans did not carry out any real due diligence and would have been expected to suffer their own losses were it not for the fact that they control the ECB Bank and thus can dictate to us
With the gutless Cowen and his swatter cabinet colleagues we are no longer in control of our own destiny as they have keeled over and sold us out ,they have betrayed the trust of the voters and for the next 2 generations I am afraid we are going to have to pay the German piper
Ironically today the anniversary of the death of Michael Collins we have Lenihan poring political garble to the chosen few that still believe a word he says
I think if Michael Collins was still alive today he would take out his revolver and shoot this Gobs***
and call for a new republic

Lenihan approved pay rises for senior staff at Anglo Irish Bank.

Further details have emerged today of how Finance Minister Brian Lenihan approved pay rises for senior staff at Anglo Irish Bank.

According to the Irish Times, Brian Lenihan bypassed recommended levels for senior executives last year, following discussions with the bank.

The pay rises were awarded on the basis of the increased workload facing the staff members.

Read more: http://www.breakingnews.ie/ireland/lenihan-approved-anglo-pay-rises-above-recommended-levels-469906.html#ixzz0x2mz4MCP

Here again we see the boys club in action ,already over paid bank officials are on the inside track are able to get Lenihan and his gang to give them pay rises when the rest of us are loosing our jobs and homes as a direct result of the these very bank officials gambling
Yes the spin machine was again evident yesterday when I heard “Mary O “ tell the hard pressed people of Ireland that Brian Cowen and her brother Lenihan were just misunderstood and that they were displaying great leadership by the determent action they were collective taking to sort out the country’s financial problems.
I was on my way down to Galway and I had to pull over and puke as I got psychically sick listening to this swatter in the Dial, that has made a living off the backs of the Irish Taxpayers and represents a perfect example of the total disconnect from the reality of the ordinary people in the country
Liven in cloud cuckoo land along with her Brother and his gang of incompetent, economic terrorists
We are subject to this babble of self-praise
The ordinary people of this country will no longer tolerate this situation!
15 people every week are now committing suicide as a direct result of decisions this cr*** and his cronies have made, many more are loosing their homes, their jobs and these are the examples of the “courageous decisions” that he is making
So its ok these things are happening to people you don’t know and are not family members that are part of the in circle
The praise was also been heaped on to Cowen from the International financial bodies as well and you don’t need to be a genius to figure out why!
He and his band of traitors are doing the bidding of these international bondholders they are after all one and the same
Lenihan and his Pals must be stopped and the longer we let them have a free hand the bigger the hole we will eventually have to crawl out of.
We must rid ourselves of these leaches in the Dail that are squandering our nations wealth for the benefit of their pals and the chosen few that inhabit the various circles of influence
the political system is totally rotten and we need a total revamp of the way we are governed in this country
we cannot settle fro anything less than total accountability from our so called peoples representatives (TD,s) and all civil servants
we the people must take back our right to fire any of the politicians that are corrupt and incompetent and we must be able to do this at any time and not have to wait until the next general election
the gangsters that have destroyed our economy must be brought to justice and must not be allowed to benefit from their disastrous handling of our nations economy by getting fat pay off,s and pensions

News Flash !

News flash
From our well hidden cameras in the department of Finance we can now exclusively reveal here on Machholz blog ,this footage of what happened to Brian Lenihan when he saw the real state of Anglo Irish banks bad debts

These stooges obviously don’t read the papers

More proof that the Banks are in fact calling to tune with regards to the running of our country
Cowen and Lenihan have swallowed hook line and sinker the notion from the other Bank Lords that no Irish Bank must be allowed to fail because of the damage that will be done to the financial viability of our nation state
Wake up lads nobody would touch us with a mile long barge pole!
These stooges obviously don’t read the papers and they sure don’t take sensible advice even when the pay through the nose for it.
Look at this article U.S. Bank Failures In 2010 Surpass 100
If the US the center of capitalism in the world can close down 103 Banks this year alone we in Ireland can let a corrupt private Bank go down the Toxic Toilet it has made for itself!
It’s like telling the Captain of the Titanic there is an Iceberg dead ahead and there response is
The Titanic is unsinkable according to the instruction manual and so we should stay the course

Why is NAMA calming that it was not a public authority?

EU Commissioner’s preliminary decision on NAMA
Who is controlling NAMA?
Why is NAMA calming that it was not a public authority?
Is it in order to be able to escape having to supply information on its activities to the public via Freedom of information act?
see what the EU Commissioner’s preliminary decision is 35189551-NAMA-Preliminary-Decision-Reply
to recap this is what NAMA is suposed to be according to the finance Minster
10. NAMA is established as a separate corporate body with a board appointed by the
Minister for Finance under the control of the NTMA. NAMA as a corporate entity will
arrange and supervise the identification of property-backed loans on the books of the
qualifying financial institutions in the State but will delegate under its control the
purchase and management of those loans to a separately created special purpose
vehicle (the “SPV”)2. 95% of the consideration for the purchase of the loans will be
financed by securities guaranteed by the government and the remainder with non-
State guaranteed debt.

11. The SPV will be a separate legal entity with a subscribed capital of !100 million
with private investors owning 51% of the equity and the remainder owned by NAMA.
Given that the SPV is 95% funded by the State however, NAMA representatives on
the board of the SPV have a veto over all decisions of the SPV board that could
affect NAMA or the Government.

12. The SPV will seek to make a profit through the management of the acquired
assets during the lifetime of NAMA, however given that the SPV debt will be
guaranteed by the Government the distribution of the SPV profits to the private
shareholders will be capped and the remainder will accrue to the State.3 The details
of the distribution of the SPV profits are not publicly available.

Now who is in control of this SPC?
Why the investment arms of the three major Irish financial institutions (IL&P, BOI, AIB) thats who! The very vehicle that is there to rescue their own corrupt companies.link here

This is outrageous! Lenihian and his cronies has pulled a con on us all,
The same gangsters that have caused this whole financial collapse are now running NAMA.(The Bankrupt Banks ,have effectively taken control of 80 billion worth of assets for 100 million investment )the barging of the millennium
And it should come as no surprise to see the NAMA board try now to extract themselves from having to answer the hard questions from the probing general public through the Freedom of information act
When will the Irish people rise up and stop this fraud?

Central Bank report for Quarter 2

Just more lies?
Central Bank report for Quarter 2, NAMA’s resident and non-resident borrowers
namawinelake :
source http://namawinelake.wordpress.com/2010/07/31/central-bank-report-for-quarter-2-nama%e2%80%99s-resident-and-non-resident-borrowers/

The wide-ranging quarterly Central Bank report and forecast published yesterday contains some interesting nuggets on NAMA and Irish property in general. On NAMA, it publishes information on the first tranche which hasn’t been publicly seen before, namely a split of the first tranche loans between resident and non-resident borrowers and also gives the provision the banks held for the loans transferred. The information is on page 39 of the report and is summarised here.

Of note is that the writedown by NAMA on the loans (49.6% in total) comprises a writedown by the banks themselves (23.7%) and NAMA’s additional write-down (26.9%) – given that Anglo’s accounts were published on 31st March, 2010 and INBS’s accounts were published on 9th April, 2010 and they each contained the government’s recapitalisations announced on 30th March, 2010, it is indeed amazing that they were showing their provisions at such a low level – was it a case that the accounts were produced many months earlier and only amended for the government’s injections of capital – wasn’t there any attempt to show the imminent NAMA haircuts? As to the split between resident and non-resident, I’m not sure how much can be deduced. For information the following were reported by the media (not confirmed by NAMA and indeed Paddy McKillen’s spokeswoman has denied that Paddy was in tranche 1) as being the Top 10 developers in the first tranche – spot the non-residents!
Liam Carroll
Bernard McNamara
Sean Mulryan
Derek Quinlan
Paddy McKillen
Treasury Holdings
Michael O’Flynn
Joe O’Reilly
Gerry Gannon
Gerry Barrett
As to what the Central Bank say in their report on page 39 about the write-downs with respect to residents and non-residents they are talking rubbish – the figures show that the resident loans had greater write-downs at both the banks and at NAMA.

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