New NAMA adjustments
1. Loans of less than €20m not being transferred now .
2. NAMA debtors to drop from 1500 to 850
3. NAMA to abandon tranches, replaced with one remaining tranche per Participating Institution (PI – AIB, Anglo, BoI, EBS, INBS) Irish Nationwide Building Society
4. Anglo tranche to be transferred by end of October 2010
5. Loan-by-loan due diligence to continue
6. EU consulted and advised – (But it got EU approval ?)
7. Loss of sub-€20m loans to reduce NAMA portfolio from €80bn at par value to €73.4bn
8. A 67% haircut expected on remaining Anglo tranche of €19bn (remaining Anglo tranche of €19bn plus T1+2 = €35bn and Anglo was supposed to be selling loans and sub €20m loans are now excluded – is €19bn right?)
9. Large increases in estimates of haircuts remaining tranches – Anglo 67%, AIB 60%, BoI 42%, EBS 60%, INBS – not shown (why?)
Fast-tracking of Nama case sought
The National Assets Management Agency (Nama) and the State will ask the Commercial Court next Monday to fast-track the first legal challenge to the agency by businessman Paddy McKillen and 14 of his companies over the proposed transfer of Nama of €80 million loans of the companies.
Mr McKillen claims the €80 million credit facilities from Bank of Ireland are “fully performing”, not impaired, there is no default on repayments, and transfer of the loans would have a “drastic and significantly detrimental” impact on his business and property rights.
He has also expressed “grave concern” about the impact internationally of transfer of the loans to the “toxic bank”, the implications for his companies abilities to raise additional facilities and the valuations placed on the loans by Nama.
For instance, Nama had obtained a Stg£725.9 million valuation from CBRE for assets on which a loan for the UK Maybourne Hotel Group was secured when he had last month obtained a valuation of Stg 994.78 million from Cushman & Wakefield Hospitality
Ltd, he said. He was concerned such valuations would drive down the realisable value of his companies property portfolio.
Mr McKillen said his companies had not purchased any Irish assets since 1998 “and hence have not engaged in speculative development”. His companies instead invested in “world class retail centres and other quality assets”.
This is just the bigining of a long legeal battel and I suspect the Taxpayers of this country will again fut the bills
everybody involved will walk away with fat pay cheques except the poor taxpayers of Ireland
This is big trouble for the USA
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.
The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.
New reserve currency
We in Ireland are still bailing out bankrupt banks at the cost billions we don’t have causing economic depression for this and the next generation!
With 52 thousand students coming out of our universities and no jobs to go to
alone along with 100,000 people all ready left the country ,and another 53 thousand students leaving secondary education this year
How many of them are going into apprenticeships, jobs or is it emigration for the majority for them
The Unelected Cowen and his band of economic terrorists are helping the top bankers of the state live it up while the rest of us struggle to pay our monthly bills
I say let the bankrupt banks pay their own bills and allow them to fail, just like the Americans are doing in the land of Free markets
Allowing the crooks in the Dail to plunder our natural resources and the wealth of future generations is a crime I personally do not want to be responsible for, when our children ask what you did to prevent it I can show I was active in my opposition and I made a stand
What can you say you did??
It is the responsibility of each and every one of us to oppose this band of thieves we must stand up and take action
Do not just stand by and allow our country to be destroyed by the current government who have sold out to the faceless bondholders in Germany , France and England
Stand up and Fight back now!
Put yourself up for election do not give you vote to any of the current TD’s
We need new blood in the Dail and not Family dynasties
We want a general election now and we need a new community party made up of new local people from ordinary backgrounds that will work for an average wage and not clock up huge self given perks, ending up as millionaires while the rest of us struggle to pay for these perks & pensions
We need real servants of the people and not leach’s sucking the rest of us dry like some of the current shower of TD’s are doing
The next general election must end Gombeenisem for good.
Promise yourself this and we just might save Ireland!