What is truth?

Archive for the ‘www.namawinelake.ie’ Category

Battersea Power Station for sale by NAMA?

By Namawinelake

Actually the Battersea Power Station (BPS) isn’t in fact owned by NAMA, it is only subject to loans from NAMA (and Lloyds bank and Chinese property magnate Victor Hwang and others). And it is presently valued at between GBP 300-500m which is less than the Dundrum Town Centre, owned by Joe O’Reilly’s Chartered Land, which might be worth €600-800m today. But when developed the BPS was expected to be worth GBP 7bn.

full article here :http://namawinelake.wordpress.com/2011/08/23/for-sale-nama%e2%80%99s-most-expensive-asset/

 

“The job isn’t even half done yet”

uploading image of Irish Govt buildings. My im...

Image via Wikipedia

By Namawinelake

Yesterday, Minister for Finance, Michael Noonan was probably the first senior minister to broach the truth. Speaking to RTE following the publication of the June 2011 Exchequer Statement, he indicated that the adjustment needed in 2012 would be in the order of €4bn, up from €3.6bn “The job isn’t even half done yet. Next year, even though the overall figures are about two-thirds of this year’s adjustment, it may be more difficult to achieve … A lot of the low hanging fruit has been picked.” He apparently didn’t provide a reason for the greater austerity, but the most likely reason is a downward revision to economic growth in 2012 which will mean less taxes,more unemployment, more welfare.

full article at sourcehere: http://namawinelake.wordpress.com/2011/07/05/%e2%80%9cthe-job-isnt-even-half-done-yet%e2%80%9d-%e2%80%93-minister-noonan-prepares-the-ground-for-2012-austerity/

Comment:

The axe will fall and fall hard why we should believe a
single word these politicians say they seem to be stricken by some mystery disease
that is making them forget what they have said only a few weeks ago .We are not
fools and we know that the books (such as they are) are full of holes and there
is no way these gombeens are going to balance these books with empty promises
they will have to face reality soon enough and I expect that they are busy
creating the relevant spin they will have to announce to us the people of Ireland
.Of course they will raise taxes and cut public services and they will also
look after their friends .Has it ever been any different ?

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.

NAMA’s “high rollers”

NAMA’s John Mulcahy under the spotlight

namawinelake | July 25, 2010 at 8:49 am | Categories: NAMA | URL: http://wp.me/pNlCf-r1

Brendan McDonagh should consider issuing a diktat to his staff that the only yachts they’re to be seen on are ones being repossessed from NAMA developers. The Mail on Sunday is investigating claims that NAMA’s Head of Portfolio Management, John Mulcahy, was holidaying on businessman (and sometimes developer) Paul Coulson’s yacht in the Mediterranean. The Mail are pursuing the story with some gusto visiting the homes of all nine NAMA board members (“I appreciate your job but my family is my family” Brendan McDonagh is reported as saying when doorstepped). The Mail even rang John Mulcahy at home after 9pm interrupting his family dinner apparently to discuss the claims and John hung up on them.

The Mail’s story comes two days after NAMA-bound developer, Paddy Kelly, revealed that it was John Mulcahy who valued his property in Ballsbridge at €350m in 2007, only for it to fall in value to €80m two and a half years later. NAMA had previously taken steps to distance John Mulcahy from the valuation of the Irish Glass Bottle site at €412m.

John Mulcahy is arguably the agency’s most senior property man and has had a sterling and long career in property. Insinuations about his involvement in the Irish Glass Bottle site have overlooked the fact that he seemed to get a fabulous result for his client, Paul Coulson’s South Wharf PLC. In restrospect property values during the property boom were highly inflated and some property may be worth 2% of its value just 4 years ago. However this overlooks the professional responsibility of a valuer – to assess what the property would fetch between willing buyers and willing sellers with both parties being in possession of perfect knowledge – and the fact is that John Mulcahy’s valuations (if we believe Paddy Kelly) were no different in character to those of his peers.

The Mail story does highlight an issue for NAMA which is if NAMA is to attract experienced staff, it will need accept that the experience of those staff will include a period in our history which is now having devastating consequences on our economy. John Mulcahy’s value to NAMA will include his vast address book, and we will expect him to use that address book when seeking to maximise the return to the taxpayer from NAMA’s assets. Should the fact that Paul Coulson is apparently in that address book be a source of concern? No, I would say – Paul Coulson is apparently one of the businessmen to emerge from the property crash in a financially healthy condition and he may conceivably be a buyer of NAMA property or an investor in NAMA developments. The only way for NAMA to deal with this issue would have been to employ people who were not involved in Ireland’s property industry which would have meant that there were either a) inexperienced in property or b) inexperienced in Ireland and do we really want people who are learning on the job with a €50bn State exposure or who don’t know the players in Irish property (some, perhaps many, are still investing and expanding) – sure the likes of India’s WGA may invest in our property but the betting would be that much of the investment will be domestically sourced.

So this story should teach NAMA two lessons – one optics are significant, no yachts, fine wines, beef Wellingtons. And two, take steps to demonstrate that the conflict of interest codes are transparent, enforced and worthy of public trust.

Comment:

Is there still anyone gullible enough to believe that the whole NAMA fraud in the best interest of the country

When we have the board members of that den of corruption and the likes of Enda Kenny, been obviously fated by the very people they are supposed to be independently assessing 

The means of these developers with the view to getting the best deal for the taxpayers of this country

Not even one mile from my home a woman with 5 children home is been repossessed by the bank,

To date I have not seen the local bank manager been fated in her home with tea and cake

Nor was she invited to a round of golf at the K-Club by the repressors of her home

These Latest actions of a member of the board of NAMA only proves to me that this set up (NAMA) is only a boys club for the rich and the boys will and are been well looked after

Even the latest report coming from Europe a-la the bank stress test clearly shows that the Irish government have allowed NAMA to over pay to the tune of billions for the toxic assets NAMA is getting from the gangsters in the country’s banks.

There is clearly a policy to allow the banks to recoup their gambling losses by a deliberately hiking of interest rates and squeezing their customers dry even at the cost of making some of the homeless.

Along with the recently highlighted proposes tolls on the national roads network, thenew tax on every home, the new water charges, and now new cuts to come in the public health services, and our children’s education

We are now one of the highest taxed people in the western hemisphere and the shower in the Dail is not finished yet!

It’s time for a complete sweep out of the leaches that are residing there.  

Why are there no protests on the streets by the so called opposition parties?

Why are the Unions not on the streets with their downtrodden members?

Because the leaders of these instustions are all part of the same corrupt system and they are all drinking from the same trough!

Remember FAS there were top Union officials and opposition party members on the board that helped themselves for years to various generous perks

This is true of all state boards and guanos  

Take action to-day get started and talk to your friends and neighbours and get organise and field your own new candidates in the next general elections.  But please do not vote in any of the current lot back into the Dail as a sheet of paper could not pass between their policies

It’s time we got ordinary people to go into the Dail and work for the people that sent them there and not get quick merchants with expense accounts that would pay the dole  for twenty  men or more every year

Ordinary people and not friends of friends should be call to serve on the boards of the various state bodies and any other areas that are in need of manpower after all its the peoples service and it’s the ordinary people who are paying the salaries through their taxes

we need to bring back to the people of Ireland ,”A  peoples government” and the constitution must be amended again so that the people can fire any and all servants of the people if they are found not to be capable of carrying out their duties to the satisfaction of the Irish people

These changes must also include the judiciary as I believe no arm of public service is above the soverne people

It is just not acceptable that so called servants of the people can walk away and leaves total devastation behind them as a result of their corrupt practices or incompetence and then expect the Taxpayers of this country to pay them pensions for the rest of their lives

I say no this cannot go on and must be stopped and reversed

The country cannot afford these entitlements voted in to law by self serving Law makers and politicians anymore

It is obscene to think that Unelected Taoiseach Brian Cowen is one of the highest paid politicians in the world and his incompetence is just mind boggling!

Change is coming because the people have had enough. If enough of this new kind of public servant (TD) is voted into the next Dail, no politician will get rich serving the people and no politician will receive more than one pension and no pension will be more than the average pension and only paid out at the national pensionable age period!

I believe it should be an honour to serve your country and not expect the hard pressed taxpayers to fund you for the rest of your life having done you service for your country.

Tag Cloud