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Archive for the ‘www.machholz.wordpress.com’ Category

Why is NAMA calming that it was not a public authority?

EU Commissioner’s preliminary decision on NAMA
Who is controlling NAMA?
Why is NAMA calming that it was not a public authority?
Is it in order to be able to escape having to supply information on its activities to the public via Freedom of information act?
see what the EU Commissioner’s preliminary decision is 35189551-NAMA-Preliminary-Decision-Reply
to recap this is what NAMA is suposed to be according to the finance Minster
10. NAMA is established as a separate corporate body with a board appointed by the
Minister for Finance under the control of the NTMA. NAMA as a corporate entity will
arrange and supervise the identification of property-backed loans on the books of the
qualifying financial institutions in the State but will delegate under its control the
purchase and management of those loans to a separately created special purpose
vehicle (the “SPV”)2. 95% of the consideration for the purchase of the loans will be
financed by securities guaranteed by the government and the remainder with non-
State guaranteed debt.

11. The SPV will be a separate legal entity with a subscribed capital of !100 million
with private investors owning 51% of the equity and the remainder owned by NAMA.
Given that the SPV is 95% funded by the State however, NAMA representatives on
the board of the SPV have a veto over all decisions of the SPV board that could
affect NAMA or the Government.

12. The SPV will seek to make a profit through the management of the acquired
assets during the lifetime of NAMA, however given that the SPV debt will be
guaranteed by the Government the distribution of the SPV profits to the private
shareholders will be capped and the remainder will accrue to the State.3 The details
of the distribution of the SPV profits are not publicly available.

Now who is in control of this SPC?
Why the investment arms of the three major Irish financial institutions (IL&P, BOI, AIB) thats who! The very vehicle that is there to rescue their own corrupt companies.link here

This is outrageous! Lenihian and his cronies has pulled a con on us all,
The same gangsters that have caused this whole financial collapse are now running NAMA.(The Bankrupt Banks ,have effectively taken control of 80 billion worth of assets for 100 million investment )the barging of the millennium
And it should come as no surprise to see the NAMA board try now to extract themselves from having to answer the hard questions from the probing general public through the Freedom of information act
When will the Irish people rise up and stop this fraud?

Central Bank report for Quarter 2

Just more lies?
Central Bank report for Quarter 2, NAMA’s resident and non-resident borrowers
namawinelake :
source http://namawinelake.wordpress.com/2010/07/31/central-bank-report-for-quarter-2-nama%e2%80%99s-resident-and-non-resident-borrowers/

The wide-ranging quarterly Central Bank report and forecast published yesterday contains some interesting nuggets on NAMA and Irish property in general. On NAMA, it publishes information on the first tranche which hasn’t been publicly seen before, namely a split of the first tranche loans between resident and non-resident borrowers and also gives the provision the banks held for the loans transferred. The information is on page 39 of the report and is summarised here.

Of note is that the writedown by NAMA on the loans (49.6% in total) comprises a writedown by the banks themselves (23.7%) and NAMA’s additional write-down (26.9%) – given that Anglo’s accounts were published on 31st March, 2010 and INBS’s accounts were published on 9th April, 2010 and they each contained the government’s recapitalisations announced on 30th March, 2010, it is indeed amazing that they were showing their provisions at such a low level – was it a case that the accounts were produced many months earlier and only amended for the government’s injections of capital – wasn’t there any attempt to show the imminent NAMA haircuts? As to the split between resident and non-resident, I’m not sure how much can be deduced. For information the following were reported by the media (not confirmed by NAMA and indeed Paddy McKillen’s spokeswoman has denied that Paddy was in tranche 1) as being the Top 10 developers in the first tranche – spot the non-residents!
Liam Carroll
Bernard McNamara
Sean Mulryan
Derek Quinlan
Paddy McKillen
Treasury Holdings
Michael O’Flynn
Joe O’Reilly
Gerry Gannon
Gerry Barrett
As to what the Central Bank say in their report on page 39 about the write-downs with respect to residents and non-residents they are talking rubbish – the figures show that the resident loans had greater write-downs at both the banks and at NAMA.

Billy Timmins Dail questions

speaker:Billy Timmins : 4 Written Answers

=========================================

 

There are more results than we have shown here. See more:

http://www.kildarestreet.com/search/?s=speaker%3A18+section:wrans&o=d

 

Written Answers – Travel Documentation: Travel Documentation (16 Jun 2010)

http://www.kildarestreet.com/wrans/?id=2010-06-16.1072.0&s=speaker%3A18#g1073.0.q

Billy Timmins: Question 142: To ask the Minister for Foreign Affairs

the position regarding the case of a person (details supplied); and if

he will make a statement on the matter. [25980/10]

 

Written Answers – Telecommunications Services: Telecommunications Services (16 Jun 2010)

http://www.kildarestreet.com/wrans/?id=2010-06-16.1167.0&s=speaker%3A18#g1168.0.q

Billy Timmins: Question 168: To ask the Minister for Communications,

Energy and Natural Resources the position regarding the provision of

broadband in respect of a person (details supplied) in County Carlow;

and if he will make a statement on the matter. [25710/10]

 

Written Answers – Grant Payments: Grant Payments (16 Jun 2010)

http://www.kildarestreet.com/wrans/?id=2010-06-16.1176.0&s=speaker%3A18#g1177.0.q

Billy Timmins: Question 171: To ask the Minister for Agriculture,

Fisheries and Food the position regarding an application in respect of

a person (details supplied) in County Carlow; if same will be awarded;

and if he will make a statement on the matter. [25711/10]

Wicklow Times gives us a mention

 

We recently crossed over the 36,000 visitors mark and for the first time we also got a mention in the local paper the Wicklow Times click here Document (9)

They picked up on my article on the Local TD’s expenses.

Last Year we had a Darby and here is the link http://thepressnet.com/2009/09/01/wicklow-td%e2%80%99s-are-big-spenders/

My thanks to all who drop by on a Daly basis , contribute and encourage me .Independent news and opinions  are a vital ingredient of Democracy ,and we must guard these fundamental rights we all have .

We also have the right to call to account those that are put in places of power be it local or national

remember we the people are the paymasters and they are supposed to be working for US the general public .We must get used to asking the real questions .for example Wicklow Town has now approx 2000 unemployed ,so what have the Local elected TD’s done to get even one person a job

What new funds or what job creation measures have been provided in the last 17 months

I can answer you NONE!

Don’t promise you votes to someone just because there a nice Man/Woman

We need new faces and new ideas; nothing will change if the same old policies are kept

 We need Action on Jobs and not hot air and empty promises

Billions have been squandered in toxic Banks (NAMA)

Jobs have been created for top managers, accountants and solicitors (people in the right circles)

The rest of us are dumped and forgotten!

Stand up and fight back! 

  Demand up-skilling ,re-education and universal health care for all

 Demand answers and accountability!

New Jobs for Wicklow Town

PRESS STATEMENT

Wicklow Town – Profitsflow.com – has announced that they are creating 20

new jobs.

Labour TD Liz McManus has warmly welcomed the recent news that a company in

“This is indeed very good news for Wicklow Town and I would like to extend

my congratulations to Profitsflow.com”, said Deputy Liz McManus. “At a

time when businesses are forced to cut back because of the economic

downturn, it is heartening to see a local company taking on 20 new staff.

“These are the kind of high-tech jobs that we want to attract to Co.

Wicklow and I feel that this will be a great boost for Wicklow Town.

Hopefully we will see more new companies setting up and offering employment

to people living in the county”, concluded Deputy McManus.

… ends …

Liz McManus 087-2357369

Lunatics running the asylum!

The latest on the Greek Bailout

First is was 250 million (Irelands Contribution to the Greek bail out (2nd April)

Then on the 11. April 2010 we hear that we will be giving (€450m )

In a statement, Brian Lenihan confirmed Ireland had agreed to the deal, which he said was about safeguarding financial stability in the euro area and would be to the benefit of all member states including Ireland then!

To-day 3.05.2010 a (Bank holiday)

Finance Minister Brian Lenihan maintained the joint rescue plan with the International Monetary Fund – which amounts to 110 billion euro over a three-year period – is money “well spent”. Ireland will now contribute 1.300.000.000 Billion

After a long list of disastrous decisions be this economic terrorist

1. The guarantee on September 29th 2008

2. The nationalization of Anglo Irish

3. The € 7 billion recapitalization for AIB and BoI

4. € 4billion injection of capital last summer into Anglo

5. NAMA

6. The transfer of the preference shares in BoI into ordinary shares.
None of these interventions lived up to the expectations claimed by Lenihan

Not a single penny has been spent to create new jobs, to up-skill the unemployed

And yet 22,500.000.000 Billion has been dumped down the Anglo Irish Toxic Toilet!

How long will we the people allow the lunatics run the asylum??

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