Archive for the ‘Liam Carroll’ Category
Nama has missed three deadlines as lenders and the agency struggle with complex valuations, according to
by SIMON CARSWELL
NOW THAT the valuationshas signed off on the National Asset Management Agency (Nama), the delayed task of transferring the top 10 developers and loans of €17 billion can proceed.
The green light from Brussels allows Nama to start buying loans with a face value of about €80 billion from five guaranteed lenders for an estimated €54 billion, though both figures could change.
Preparatory work has so far proceeded slowly with the amount of paperwork connected to the top borrowers creating a bottleneck of information within Nama that its small staff and army of outside contractors are busy trying to process.
Preliminary work has been slow as the lenders, and Nama, have struggled to deal with complex valuations in a market with no buyers, and grappled with tricky legal and financial due diligence on title and loan files, with dedicated teams of staff in each lender.
Nama has missed three deadlines to process the transfers, the most recent being yesterday.
March 5th has been set as the next deadline when the first transfers will begin, though not all of the loans connected to the top 10 will move on the day. Minister for Finance Brian Lenihan has said the top 10 borrowers will be transferred by the end of next month.
As revealed first by The Irish Times last week, they are developers Liam Carroll, Bernard McNamara, Seán Mulryan of Ballymore, property financier Derek Quinlan, Joe O’Reilly, the developer behind the Dundrum Shopping Centre in Dublin; Paddy McKillen, owner of the Jervis Street Shopping Centre in Dublin; Treasury Holdings (which is owned by Johnny Ronan and Richard Barrett); Cork developer Michael O’Flynn; Dublin builder Gerry Gannon, co-owner of the K Club golf resort in Co Kildare; and Galway businessman Gerry Barrett, owner of Ashford Castle in Co Mayo and G Hotel in Galway.
The financial institutions are awaiting acquisition schedules outlining the specific loans that Nama will acquire as well as the crucial “haircut” to be applied to each.
Once known, this will allow the banks to assess the losses to be incurred on the discounted sales, which will trigger a requirement for capital to meet the shortfall.
State-owned Anglo Irish Bank faces the most pressing capital need as it is moving the largest amount in the first wave – close to €10 billion of the €30-€35 billion it will eventually transfer.
Allied Irish Banks is moving more than €3 billion in the first wave, Bank of Ireland over €2 billion, Irish Nationwide just shy of €1 billion and EBS building society about €150 million.
The commission will assess the compatibility of the transferred loans as well as the actual transfer prices when they are passed on by the Government to Brussels. These reviews include mechanisms to allow for the claw back of money in case of overpayments.
The lenders are already preparing the paperwork for the second and third waves of transfers, though they have pressed Nama to reduce the level of information demanded by the agency.
Given the volume of paperwork and the scale of the sums involved, processing the top 10 borrowers will preoccupy Nama and the banks for most of next month.
As with all complex transactions the devil is in the detail
Two points that immediately spring out of this article is the inbuilt reviews that include a claw back facility on possible overpayments
This will have consequences for the Banks balance sheets as this clearly implies a possible debt !
The second point is that the banks seem to be reluctant to give full details and are pressing NAMA “to reduce the level of information demanded by NAMA”
This cannot be allowed, under any circumstances
The seven companies, Vantive Holdings, Morston Investments, Villeer Developments, Paytor Developments, Carragh Enterprises, Parlez International and Royceton controlled by developer Liam Carroll, that had a second application for High Court protection refused last week are now going to appeal that decision to the Supreme Court again
The group’s original application was turned down by the Commercial Court and the Supreme Court.
Last Thursday, the High Court refused a second application for examinership by the seven companies.
Has it occurred to anyone that we are seeing a pattern of behaviour here? Lisbon 1,
Lisbon 2, Lisbon 3? Lisbon 4?
For Liam Carroll
it would seem if you don’t get the results you want just keeping going back again and again, everybody knows that this is just moving around the deck chairs on the titanic
This is also making a mockery of the Supreme Court.
The message is coming out loud and clear
There is one law for the Rich and one law for the poor in this country .There is special treatment for the super rich and the poor are just kicked out of their homes dumped out on to the street
I these crooks in the Dail manage to push through NAMA then I propose that all home owners in the country create one large housing association and then clam the same protection for all householders in the country this should stop all evictions and people who are about to lose their homes should be able to say to the banks to come back when the property market has recovered to the previous levels
This should give the same protection that is being given to the Banks and developers to all the citizens of the state
Dublin 12.09.2009 link
Had a demonstration in Dublin to-day against the proposal to set up the Toxic Bank NAMA
They were supported by a wide range of concerned citizens!
This demonstration was called a very short notice and was organized over the internet via Face book, Blogs, and social networks .The ordinary people are getting more and more sophisticated in their use of the internet and more people have now independent tools to get the word out .this is not the 1970’s or the 1980’s where the ordinary people were left with only one option, that was to suffer in silence or emigrate for good, and leave the corrupt politicians rule the country
Not this time! Groups like Irish peoples union are springing up all over the country and I believe we are seeing the start of a people’s movement that will eventually shake up Irish politics for good
I attended to-days march to give my support to this movement; I am passionately against the whole concept of NAMA and I believe that this is the greatest challenge to the Irish Independence since the foundation of the Irish republic
I believe this is an attempt by the government to off lode all of the toxic debts of their buddies in the Banks and the Building Industry on to the backs of the Irish people and subsequently financially enslave this generation and the next.
We owe it to our children to fight this and any other attempt to take away our livelihoods and our financial independence
The corrupt politicians and criminals in the Banks must be brought to account!
Machholz is not a member of any political party and is a swing voter!
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!
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 !
Mr.Liam Carroll’s latest application ‘unprecedented’
The second application for an examiner to be appointed to the Carroll group of companies has been described in the High Court as ‘extraordinary and unprecedented in the history of
Lyndon McCann, SC for ACC Bank said a ‘tactical and strategic decision’ had been taken by the Carroll group to withhold evidence relating to its business plan and property valuations on the first petition for examinership.
He described this as a bad decision and the attempt to introduce the previously withheld business plan was ‘an abuse of the process of the court.’
Mr McCann also described the content of the letters from the financial institutions as ‘frankly pathetic.’
The video clip below captures some members of the public reactions to the so called current valuations giver to the courts by Mr.Carrolls legal team