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Archive for the ‘National Asset Management Agency (NAMA)’ Category

Kenny prancing around the K-Club

 

The significance of Ronald Quinlan’s revelation today that Fine Gael sought and accepted a sum of money from a property developer — and not just any property developer — should not be underestimated.
O’Flynn Construction is one of the country’s most- indebted construction firms. The taxpayer has recently financed the transfer to Nama of those debts, estimated at around €1bn.
Michael O’Flynn, the chairman and managing director of O’Flynn Construction, on Wednesday last swung his Mercedes S350 executive saloon into the K Club to play a round of golf with the man who regards himself to be the Taoiseach-in-waiting.
Mr O’Flynn sanctioned his firm’s payment of €1,500 for the honour of teeing off just behind the leader of Fine Gael, Enda Kenny, and his most loyal lieutenant, Phil Hogan
He also sanctioned the payment of an undisclosed sum, possibly another €1,500 — maybe more, maybe less — to sponsor the famous 18th hole at the K Club, a club which is itself partly owned by Gerry Gannon, also of Nama fame, who is one of the so-called Anglo Golden Circle.

And so on and on it goes, full story at source
http://www.independent.ie/national-news/fg-taps-nama-10-developer-for-money-2263297.html

Comment:

I am disappointed to hear that Fine Gael’s Enda Kenny (self styled Taoiseach in waiting) did not have better judgement and for my money (the little I still have left ) I will bet that he most certainly will not be the next Taoiseach.
Nor does he deserve to be! with such display of total disconnect from the general public!
Displaying this total detachment for the feelings of the ordinary people who are struggling to pay their continuously rising household bills and  green party new taxes
Enda Kenny has made a major miscalculation here; prancing around the K-Club the taxpayers of this country will not forgive this making out with the golden circle boys from Anglo Irish Bank !
The last thing this so called Taoiseach in waiting needed was to be photographed with members of the golden Anglo Irish circle
How can anybody now believe that this man or his party will make the developers pay their debts to Anglo Irish Bank, now owned by the hard pressed taxpayers of this country?
Mr. Kenny I predict you will not be the next Taoiseach of this country and you might not even be in the Dail after the next general election
What a shame too!
The perception now of the ordinary people of Ireland is that Fine Gael has little or no difference in policies with Fianna Fail, with regards to NAMA or the Developers who ripped off all those now and for the foreseeable future will wallow in negative equity.
Enda Kenny’s golf outing at the K-Club has only encouraged the belief he is just as chummy as Lenihan and Cowen with the brazen developers and bankers who have destroyed our country and have made us servants of the international bond pushers
What dimwit is advising this man?

I call upon the Fine Gael and Enda Kenny to send back the donations made by this Developer and to commit no to take any donations from any other Developers involved with NAMA

please singe petition on facebook here

Paddy McKillen V NAMA

Fast-tracking of Nama case sought
MARY CAROLAN

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”.
source http://www.irishtimes.com/newspaper/breaking/2010/0714/breaking56.html

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

Preliminary Report Into Ireland’s Banking Crisis 31 May 2010

After reading the Preliminary Report into Ireland’s Banking Crisis one can only come to the conclusion that Cowen and Lenihan are Guilty of “Gross Incompetence and Dereliction of Duty”
And should resign immediately and be brought before the courts
on charges of economic treason !

Preliminary Report Into Ireland’s Banking Crisis 31 May 2010

The right to work Campaign (2)

Gilmore criticises Govt economic policies

RTE news reports

Sunday, 16 May 2010 12:30

The Labour Party leader has strongly criticised the Government’s economic policies, accusing the Taoiseach of standing idly by while the economy was taken over by speculators.

Eamon Gilmore was speaking at Arbour Hill in Dublin at the annual James Connolly Commemoration.

He said Taoiseach Brian Cowen is now attempting to rewrite history by whitewashing the past, which he said is a ‘shameful exercise’.

Mr Gilmore also said Fianna Fáil had betrayed the people of Ireland.

He said the National Asset Management Agency is a scheme designed by the golden circle, for the golden circle and delivered in ‘shiny packaging by Fianna Fáil.’

SIPTU General President Jack O’Connor also used the occasion to criticise the Government’s handling of the economy.

Mr O’Connor said the economic crisis has meant sacrifices have to be made by all sections of society, but that no-one should confuse social responsibility with a lack of will to fight.

He said such a fight must be well-informed, strategic and organised. He said public service unions are currently in discussions over what kind of strategy to employ to confront ‘the great challenge of our time’.

Mr O’Connor also described the 1997 Fianna Fáil-Progressive Democrat coalition as a ‘swarm of locusts’ who ‘destroyed any potential for a stable economy’.

He said the ‘swashbuckling winner takes all’ economic model has run its course


Story from RTÉ News:
http://www.rte.ie/news/2010/0516/economy.html

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