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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

Response to Pope’s pastoral letter

 

Response to Pope’s pastoral letter

In the pope’s pastoral letter he says

“I urge you to examine your conscience, take responsibility for the sins you have committed, and humbly express your sorrow. Sincere repentance opens the door to God’s forgiveness and the grace of true amendment. By offering prayers and penances for those you have wronged, you should seek to atone personally for your actions. Christ’s redeeming sacrifice has the power to forgive even the gravest of sins, and to bring forth good from even the most terrible evil. At the same time, God’s justice summons us to give an account of our actions and to conceal nothing. Openly acknowledge your guilt, submit yourselves to the demands of justice, but do not despair of God’s mercy”.

This letter is a first step in the long road of renewal for the church

But the pace of this renewal is too slow, with modern methods of transmitting news, the Church is just not making the necessary changes soon enough and events will overtake it if it does not move faster.

I see nothing new that convinces me that I should allow my Daughter to be confirmed into the current institution of the church

I read a lot about what has happened but little about what changes are been made

And nothing about accountability!

I suggest that Cardinal Brady take the “obvious step” and do so now along with the rest of the Bishops that have been implicated in the abuse scandals.

“It cannot be denied that some of you and your predecessors failed, at times grievously, to apply the long-established norms of canon law to the crime of child abuse. Serious mistakes were made in responding to allegations”

“Nevertheless, it must be admitted that grave errors of judgment were made and failures of leadership occurred. All this has seriously undermined your credibility and effectiveness”

Through their failure to act, they allowed many children to be raped and be sexually abused by the pedophile priest Fr. Brendan Smith and others like him!

For anybody else in the Irish state this would be a criminal act and punishable under the criminal justice system within the State

The pope himself is also compromised as he was the Bishop in charge in his own country that turned a blind eye to abuse on boys

He too must step aside.

Only through a total revamp of the church structure can it hope to be able to enjoy the support of the people.

It is now time for the ordinary people of the church (who are the church) to decide who should become the pope and not the nominated Cardinals of pervious popes.

The time is right for to people to take back our church and decide what its future should be!

 

Copy sent to the Vatican.

A message from Michael Kennedy TD: Finance for Small Business

Forwarded message
From: <Michael.Kennedy>
Date: Tue, Jan 19, 2010 at 9:49 AM
Subject: A message from Michael Kennedy TD: Finance for Small Business

A Chara
Finance for Small Business

I write to inform you about a financial institution called First-Step Microfinance which provides start up business loans (max €25,000) to people who cannot access funding from banks, taking neither personal guarantees nor security.

This institution was established by Ms Norma Smurfit and is financed through philanthropy, Enterprise Ireland through the EU Seed and Venture Capital and the Social Science Foundation. To date First-Step Microfinance has been pivotal in creating in excess of 3,000 employment opportunities.

In 2007 First-Step was nominated an intermediary of the Social Finance Foundation which allows them access to up to €72 million to lend to start up businesses.

First-Step has helped companies that had been rejected by other financial institutions and continue to further support sustainable job creation and entrepreneurship in small and medium enterprises.

Should you have business plans finance ready and/or are interested in applying for funding or you know someone who is looking to set up in business, First-Step Microfinance can be contacted through the following means:

Address: First-Step, Jefferson House, Eglinton Road, Donnybrook, Dublin 4

Telephone: 01 – 2600988

Fax: 01 – 2600989

Email: info

Website: www.first-step.ie

Yours Sincerely,

__________________
Michael Kennedy TD

 

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