Time for farytails in the Dail

I think “Alice in wonderland” has more to do with reality than this financial report!

Minster Noonan is also seeing the green shoots of recovery just like Brian lenihan .

We all know how that ended!

 

NAMA Wine Lake

Speaking in the Dail a short while ago, the Minister for Finance Michael Noonan announced NAMA’s preliminary results for 2011 as follows

Operating profit €1.01bn

Impairment charge €0.81bn

Net profit €200m

Remember these are the results from the 2011 management accounts and we won’t get NAMA’s annual report until the summer. Last year NAMA’s impairment charge in the management accounts was €1.0bn but rose to €1.485bn in the annual report.

The NAMA CEO, Brendan McDonagh told Neil Callanan of Bloomberg last week that the public might be “pleasantly surprised” by the 2011 impairment charge.

The announcement will raise some eyebrows.

Brendan McDonagh told aLondon meeting of Irish chartered accountants a month ago that the 2011 operating profit would be “at least €750m”, and although it is true that €1.01bn is “at least €750m”, there’s quite a difference.

Based on underlying asset values, the expectation on here was that the impairment…

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Derek Quinlan’s art collection to be sold by NAMA

By Namawinelake

In terms of transparency in engaging suppliers of services, NAMA seems to be burrowing itself deeper and deeper down Alice in Wonderland’s rabbit hole. Whilst the agency started out by advertising all contracts for services and there was, by all accounts a rigorous procurement process to appoint an army of professionals, it seems these days that the agency is satisfied with a brief beauty contest before making appointments. Rumour has it that agents HT Meagher O’Reilly has been appointed by NAMA to let all the commercial property under its control in the south Docklands in Dublin.

full artical here at source:http://namawinelake.wordpress.com/2011/08/18/nama-appoints-company-to-sell-derek-quinlan%e2%80%99s-art-collection-a-company-which-the-european-commission-found-had-operated-a-cartel-which-defrauded-art-sellers-out-of-290m/