The current Irish Government are responsible for the financial disaster the country is in,
With the establishment of NAMA the Government is trying to socialize the enormous losses that the Banks and their Developer buddies have encored.
Corruption is rife and now a new monster burocratic system is being created, where X politicians will have jobs for life and the same corrupt developers will be able to manipulate the housing market all over again
While the people are being robbed of their homes, savings, pensions, and education for their children, that same gangsters are running the country
This has to stop!
Join the CAB to-day and get things moving
Come on! Get active in your own area now!
We as a country need new faces and not the same old tired faces that have being around using the system to suite themselves.
Archive for the ‘Ireland's NTMA’ Category
Scaremongering but who’s doing it?
Finance Minister Brian Lenihan also warned yesterday that if Irish voters snubbed the treaty the result would “shatter international confidence” and lead to continued scarcity of funding and increased borrowing costs.(Looking for a yes vote)
A ‘No’ vote in next month’s lisbon Treaty referendum could result in the interest bill on Ireland’s national debt jumping by up to €900m a year according to Indecon
(Looking for a Yes vote )
A NO vote in the upcoming Lisbon Treaty referendum would represent a “spiritual withdrawal”, from Europe, Minister for Finance Brian Lenihan has warned. (Looking for a Yes vote)
A Yes vote in the referendum would earn Ireland the continued goodwill and support of the EU in tackling the banking crisis, he added.
Mr Gormley “It would be entirely counterproductive to vote “The whole emphasis in terms of the European recovery is a green recovery [which can provide] jobs, jobs, jobs.” Echoing the sentiments of other pro-Lisbon political leaders, “It would be a huge mistake to focus on national issues when this is a campaign to get us out of recession,” he said. (Looking for a yes vote)
How to win a referendum:
1. On top of high VRT, introduce a Green (Party) carbon tax, and just to be on the safe side, impose a €200 a year work parking tax, just for daring to have a job!
2. Make the citizens vote a second time, even though they said No – but make sure you don’t change the wording.
3. Have on the Yes side a millionaire car salesman, like Bill Cullen, who opposed changes to the infamous VRT, and is the biggest over priced merchant for the Renault spear parts in the country(Nice one Bill!)
4 . Have Ryanair on the Government side, who are best known for their F-Service , saying there are a millions reasons to vote Yes (excluding taxes and charges), and (Baggage charges Now approaching 100 euro per bag) then have the same Government introduce a €10 travel tax, contrary to EU law of freedom of movement between member-states.
5 . In case the European Central Bank doesn’t hype up mortgage rates any time soon, re-introduce water rates and a property tax on every family home in Ireland, while at the same time making taxpayers bail out the bankers and the builders.
6 . Make sure Brian Cowen leads the Yes campaign.
7 . Have crooks running FAS
8 . Have people like John O’Donoghue become Ceann Comhairle in the Dail
9 . Create Toxic Banks to help your buddies in the Banks and the Building
10 . Keep corrupt Politicians in places of power
11 .TAX the Sh*** out of the ordinary people
12 Tell them you are going to crucify them in the coming December Budget
13. Make a complete mess of the Economy, and blame it on the ordinary people
For having paid extortion prices for their own homes
14. Put a Tax on those homes, let say 1000 Euro on average for every home in
15 .when you hold a referendum keep going back to the people until you get the right result (the one you want)
Keep corrupt Bankers in their High paying Jobs at Bankrupt Banks
17. Allow these same Banks (Now with Government appointed Directors) to
Overcharge their own customers, and then, clam that it was a computer error when found out.
18. Allow dodgy Building Developers stroll into the courts of the land and present fantasy valuations as a means to dance around The Supreme Court rulings
When 80 families are turned out, and lose their overpriced homes every week, sold to them by these developers in the first place
19 . Make it blatantly obvious, that there is one law for the rich, and another law for the poor in this country
20. Tell everyone that NAMA is the only game in town and we the people must pay the gambling debts of the super rich of the country.
That should do it!
Up to 25 bank directors will be forced out under the NAMA deal.
The Cabinet yesterday signed off on the latest draft of the laws to bring in the Government’s ‘bad bank’.
Ministers agreed on a way of sharing the risk between the banks and the taxpayer.
It includes a form of delayed payment to the institutions for their toxic loans. In a significant departure, Fianna Fail last night allowed the Greens to take credit for the changes to the NAMA bill.
Part of the package of measures to reassure the public is the removal of the remaining directors from bank boards, as revealed in the Irish Independent yesterday. The Greens’ demand on the introduction of new bank board’s was agreed in principle by ministers, but precisely how it will be done has still to be worked out. Communications Minister Eamon Ryan stressed that the removal of the directors would be “an orderly changeover” over the course of two years.
All non-executive directors of the banks participating in NAMA will, if appointed prior to 2008, be required to step down. That will affect up to 25 bank directors in AIB, Bank of Ireland, EBS, Irish Nationwide and Anglo Irish Bank.
Irish Life and Permanent directors will not have to resign as it is highly unlikely to apply to be covered by NAMA.
Mr Ryan indicated the Greens pushed hard with their Fianna Fail counterparts to get their proposals included.
And he hinted that his party will play a greater part in the broader development of government policy from now on.
A large number of directors of the banks have remained in place since the crisis began last September, at the time of state bank guarantee.
Many of the non-executive directors command in excess of €100,000 for sitting on the board.
The Greens are also claiming credit for a windfall tax of 80pc, on profits gained from increases in land value due to re-zoning decisions, to discourage property speculation.
The party is also saying it is responsible for linking planning changes into the NAMA process and bringing in new rules governing corporate practice in the banks. The junior coalition partners were allowed, by Fianna Fail, to announce the changes. The party has a meeting with its grassroots members at the weekend to discuss the NAMA legislation.
The Greens being giving a free run is a sign Taoiseach Brian Cowen is conscious of the need to keep his partners onside to prevent the Government from collapsing.
The Greens’ ministers will offer the cull of directors, the reassurances to the taxpayer and the planning changes as a sweetener to members to back NAMA. The second draft of the NAMA legislation will be published today.
Officials are still working on rules to force the banks to lend money to businesses after NAMA takes the toxic development loans off their books.
Meanwhile, Fine Gael called on the Government to publish the “NAMA 1,500” — the people that will be beneficiaries of the NAMA plan, so the taxpayer can see who is being bailed out.
FG finance spokesman Richard Bruton said at its core NAMA is a “secretive, tax-funded, politically directed work-out process for 1,500 of the most powerful, well connected business people in Ireland“.
The IBOA also has called for sweeping changes to the make-up of bank boards as the finance union give a conditional support for the Government’s ‘bad bank’ plan.
– Fionnan Sheahan and Joe Brennan
Thank you for your email regarding NAMA. The Labour Party is closely examining the draft legislation, which is really a discussion document, but I expect to see significant changes when the actual legislation is published sometime in the next fortnight.
My colleague, Joan Burton TD, has written to Brian Lenihan seeking clarification on a number of issues and will be raising these directly with him at Monday’s Finance Committee meeting. In particular, she has sought clarification on the crucial issue of asset valuation, which appears vague and at the discretion of the Minister.
The legislation as it currently stands appears designed to facilitate a significant transfer of wealth from taxpayers to bank investors. Labour has been consistent in its approach to the Fianna Fail banking crisis since last Autumn, putting the ‘taxpayer first’.
We opposed the reckless bank guarantee. We opposed pumping €7bn of taxpayers money into the banks without securing fundamental reform and regime change at management level. We opposed the nationalisation of Anglo Irish Bank which bailed out its bondholders.
The Labour Party advocates the nationalisation of the banks as the least risky and least costly approach to restoring the flow of credit in our economy without putting future generations in hock for billions. We have serious concerns with respect to Dáil oversight and the extent of discretionary powers given to the Minister. I expect that the Labour Party will not be supporting NAMA in its current form.
Ruairi Quinn TD
Labour Party Spokesperson for Education and Science
01 618 3434
Just a Minute Brian not so Fast!
Mr Lenihan said today the cabinet had discussed the issues surrounding the establishment of Nama.
In light of to-days news that 46 economists expressed grave reservations about the government’s NAMA proposals. He rejected arguments put forward by these economists in The Irish Times today
In that article, the economists said Nama is expected to transfer about €90 billion of loans from the banks. In exchange, the banks will receive a percentage of this value in the form of bonds which can then be exchanged for cash at the European Central Bank.
They said it was “clear that the Government will pay significantly above market value for these loans”. Current estimates are that the State may issue agency bonds worth upwards of €60 billion in total for the €90 billion book value, the economists claimed. That would be a 30% discount when everybody looking at property prices alone in Dublin can see that a 70% drop is the average that is being experienced.
I personally can vouch for these figures.
He said today’s article was “based on an assumption that the Irish property values have fallen by 75 per cent”, which was incorrect. Mr Lenihan when is the last time you wanted to sell a house ,I have being trying to sell a house in city centre for the last 8 months and I can categorically state that this percentage drop is correct .
The Minister said there was a “proper, professional job being done” on the valuation of the assets, prior to their transfer to Nama, and this was being carried out by Hong Kong and Shanghai Bank and John Mulcahy.
What do the Hong Kong and Shanghai Bank know about the Irish property market and what are they being paid?
Mr Lenihan rejected the suggestion that the banks be 100 per cent nationalised and said this had not been attempted in any other country.
Talk about the blind leading the blind!
Mr Brian Lenihan said today NAMA may lead to the government taking bigger stakes in the financial institutions.
Should the losses of the banks be on a very large scale, a “substantial stake” would have to be taken, the minister said. The valuation of the assets will be based on a “long-term valuation which is realistic,” he said, adding in some cases that means land will never go beyond its agricultural value.
“Of course if the consequence of the valuations is that the banks suffer losses which destroy their capital base then of course of necessity the State will have to provide that capital and increase the public stake in the institutions concerned,” The minister said he doesn’t expect to nationalize the institutions “in their entirety.”
Examples of double talk “Long-term valuations”, “go beyond its agricultural value”,
“In their entirety.”
What we are hearing here is that Mr.Lenihan hasn’t got a clue!
Since the last time the Minster bought a stake in the bank’s the share price of these Banks have gone up at least 9 fold and the value of the States shares are still the same, because the minster has a clause in the agreement with the banks, for them to buy the States shareholding back at the purchase price the state paid for them
So there is no upside for the Taxpayers
Who is kidding who?
This latest attempt to bypass earlier supreme court’s judgment on this matter is an abuse of the process of the court and no ordinary member of the public could have even dreamed of getting away with this typical stroke,
that could have being dreamed up in the back rooms of the Fiannia Fall mafia ridden lenster house!
Since Mr. Liam Carroll has now got the right decision (the one he wants) from the courts there is now a good chance that we the taxpayers in the country will have to foot the bill for his debts!
there has never being a better example of one law for the rich in this country and one law for the poor ,the people that have lost their homes during this week and all that will lose their homes in the months to come
We the ordinary people must not let this corrupt system walk all over us
This decision makes a mockery of the rule of law and questions the whole notion of equality within the Irish legal system, and the Irish regulation of its financial system!
It is no better that a binNAMA republic!
For more information on no to NAMA pleases follow this link
Please note I have no affiliation to this group !