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Posts tagged ‘Dermot Ahern’

House Prices in 2011 – the predictions

House Prices in 2011 – the predictions

January 5, 2011 by namawinelake

This week sees a raft of statistics on asking prices of residential property in the State for the last three months of 2010 (DAFT.ie, Myhome.ie and Sherry Fitzgerald). By the end of January 2011, the only hedonic transaction price series (Permanent TSB/ESRI) will be published in respect of the last quarter – the PTSB now appears to control less than 5% of the mortgage market and the series excludes cash sales. And in July 2011, we will get average new and second-hand house prices for 2010 from the Department of the Environment, Housing and Local Government – this series is not hedonic and regards a €57m sale on Shrewsbury Road as one sale and a €50,000 sale in Ballyfermot and you get the average price by dividing €57.05m by 2! And whilst you could argue that an asking price index is valid because it compares apples with apples over different periods of time, you could also argue that in a bust property market, the difference between asking and settled prices will be greater than during a boom. Those of you looking out for the House Price Database promised in August 2010 by the outgoing Minister for Justice and Law Reform, Dermot Ahern, you’ll be disappointed by the fact that the Minister failed to introduce the necessary amendment to the Property Services (Regulation) Bill in the last Dail session – perhaps the Minister is more pre-occupied with how he will spend the estimated €308,000 he will receive in his first year after retiring as a TD.

So for what it’s worth, this is the summary of what each of the three just-published asking price series tells us – in summary the pace of decline picked up in Q4 2010.

Track is kept on here of pronouncements on future house prices and below is the latest position (no-one seems prepared to stick their heads above the parapets since October 2010). You can find the sources for the information in the comments available in the attached spreadsheet. You should note that these pronouncements can be predictions or projections (the difference? A projection is “if condition X comes about then prices will change by y%”).

And for the little it’s worth, the prediction on here is that prices will drop 5% in 2011 by reference to the very limited PTSB house price series. Again for the little it’s worth, the feeling here is that settled prices are down 50%+ whereas the PTSB say they’re down 36% from peak. The following will tend to depress prices

(a) Continuing difficulty in accessing credit for mortgages – 14,000 mortgages were approved in the first three quarters of 2010, down from nearly 80,000 in the same period in 2005. And remember our banks are required to undertake a massive “deleveraging” exercise in the next three years and stopping new lending will be in keeping with the plan.
(b) Increasing stamp duty to 1% for first time buyers and for property less than 125 m2
(c) NAMA’s plan to bring property on to the market at “teaser rates”
(d) Population which is stagnant and may even decline. Dublin’s population fell by 0.3% in the year to the end of April 2010. Net outward migration will offset natural population growth.
(e) Repossessions and foreclosures should increase this year and non-NAMA banks seem increasingly keen to dispose of property
(f) Flat or falling wage levels, higher taxes, anaemic economic growth, positive inflation
(g) An overhang in supply. Whether it’s 30,000 or 150,000, it’s substantial

The following will tend to boost prices

(a) Reducing stamp duty from 7/9% to 1% for movers
(b) A sharp decline in new home construction – in the first 10 months of 2010 (pg 11 of the December 2010 Department of Finance monthly review), a total of 11,974 dwellings were completed. The outlook for 2011 is for less construction.
(c) Wealth and income in some pockets of the economy – certain parts of our economy are doing well (and not just within the NAMA sphere of influence!).

source: http://namawinelake.wordpress.com/2011/01/05/house-prices-in-2011-%e2%80%93-the-predictions/

Goodbye Mr. Dempsey and good riddance

By Aine Kerr Political Correspondent

Saturday December 18 2010

Noel Dempsey risks being best remembered for his gaffes, U-turns and back- pedalling.

The image of him nodding in agreement with Justice Minister Dermot Ahern as they denied the impending arrival of the IMF will endure and resonate for years ahead.

For others, the fact that the minister was abroad in sunny Malta while we endured an unprecedented snow crisis last January, will trigger deeper feelings of anger.

It amounted to a PR disaster for a minister who had already endured many controversies.

The minister was always ambitious in action, policy and rhetoric. Often, however, the articulation of those plans was perceived by colleagues and rivals as “solo runs”.

Inevitably, some of his ambitious plans had to be tweaked, changed or just simply reversed.

Hence the phrase ‘U-turn’ has often screamed out from the front pages with Mr Dempsey’s name in the same sentence.

U-turns have followed on the dual mandate, third-level fees, sanctions on provisional drivers and the tale of who knew what on the Aer Lingus Shannon-Heathrow fiasco.

But to his credit, he has been one of the busiest ministers to ever take hold of the Department of Transport and has effectively ended rampant drink-driving.

Just as former Health Minister Micheal Martin is credited with the ban on smoking, Mr Dempsey can lay claim to having reduced road deaths and implemented a stricter safety regime.

Only last year, he faced intense opposition from rural Fianna Fail backbenchers over his plans to reduce the blood-alcohol limit.

Despite the attacks, the minister stubbornly ploughed on with his master plan and managed to get the limit reduced from 80mg to 50mg.

And one of the longest lingering controversies for Mr Dempsey remains the question of the €51m waste of taxpayers’ money on the defunct e-voting machines which were first mooted by Mr Dempsey when he was Communications Minister.

Despite the years of controversy, Mr Dempsey has earned a reputation as a determined, hard-working and forthright individual.

The phrase most commonly used by his colleagues to describe him is “straight-talking”.

– Aine Kerr Political Correspondent

Irish Independent

By Fiach Kelly Political Correspondent

Saturday December 18 2010

TRANSPORT Minister Noel Dempsey will be able to retire with a total package worth €313,000 — and his annual pension will be worth more than he would have earned if he returned to the Dail as a backbench opposition TD.

Mr Dempsey (57) and Justice Minister Dermot Ahern, who said he would retire earlier this month, were elected to the Dail in 1987 and both have been in Cabinet for 13 years.

They have similar pension claims, but their payouts will be slightly reduced from what they previously could have expected.

Cuts to public sector pensions announced in last month’s Budget means they will lose about €9,200 per year.

The total package is worth €313,100 to Mr Dempsey over the next year.

He would have received around €322,300 if he retired before the Budget.

Mr Dempsey, who will also draw down another pension from his years as a teacher, once he hits his mid 60s, yesterday denied retiring because of the pensions, which he acknowledged were generous.

Birthday

“My family would know that a long time ago I said the election nearest my 55th birthday, I would seriously consider whether I was going to go on after that,” he said.

“If things hadn’t gone the way they have gone over the last two or three years, this decision would have been made probably about 18 months ago.”

The breakdown of his payments includes an annual ministerial pension of about €69,200 and a TD’s pension of around €50,600 per year.

Mr Dempsey will enjoy a pension lump sum of around €160,000; a termination lump sum of around €17,000 and a year of monthly termination payments from the Oireachtas worth another €66,900.

The €50,600 TD’s pension only kicks in once the monthly termination payments, paid the year immediately after retirement, have stopped.

He will also get additional payments for serving as chief whip in Albert Reynolds‘s government in the early 1990s.

Mr Dempsey’s annual pension of around €119,800 will be worth almost €30,000 more than the basic €92,672 a TD in the next Dail could expect.

– Fiach Kelly Political Correspondent

Irish Independent

Comment:

Mr Dempsey

Has left a trial of destruction behind him in any other business he would have been fires a long time ago instead he was in the inner circle of Fianna Fail he survived to cause yet more pain on the Irish taxpayers and now that he wants to run off with his “Entitlements “ILL gotten gains) pensions and perks we the taxpayers are going to still pay for this gombeens incompetence long into the future

Unless you the voters will vote in new honest people that are not in the inner circles and who will remove these ill gotten gains from all of the political leaches that have been sucking the Taxpayers of this country dry for the last 30 years

I say he should only get the average pension every other citizen gets and no added perks once out of the Dail he should stay out full stop!

Machholz

 

from the Politics.ie

Not content with wasting many millions in taxpayers money and being a member of a government that has sold the country in an act of treason, Minister Dempsey is building a massive new home in Trim.

There is a photo of it in todays Star newspaper, which sadly is not online so I cant post it here. From what I saw in the paper, its certainly a large house. Normally when a families offspring flee the nest people tend to trade down to a smaller house, but not Minister Dempsey.

The word on the street in Trim is that the locals are not impressed.

Lets hope he has the sense to build some tall walls around it, because soon he will no longer be a minister or TD.source http://www.politics.ie/fianna-fail/144397-noel-dempseys-new-mansion.html

Gene Kerrigan

Sunday December 12 2010

By Gene Kerrigan

On Friday, in a spirit of optimism, I rose from my sickbed and paid a visit to the Luxury Hall. Some amongst us surrender to pessimism and hold their heads in their hands, moaning in despair as the draconian Budget goes through. Others play the Blame Game and point accusatory fingers at politicians worn out from making “tough decisions”.

Not Soapbox. We salute the rewards still available in this great little nation. So, we sneezed repeatedly as we left the safety of home and went slip-sliding through the perilous slush in search of the Luxury Hall, and evidence that not all is lost in this benighted ex-republic.

And — adding weighty purpose to my romantic quest — I wanted to know why it is that no matter what measures this Government takes, it continues to make things worse.

I was already somewhat buoyed up. Having been away earlier this month, I missed the decision of Dermot Ahern to retire from politics because of his painful arthritis. Like most of us with a touch of arthritis, I can’t afford to retire. What buoys me up is that we live in a country rich enough to treat Dermot with the respect due to a politician whose towering achievement was the introduction of an anti-blasphemy law.

I’ve worked twice as long as Dermot has been a politician, and like the rest of us I’ve never had a wage that came within an ass’s roar of the €128,000 annual pension lined up for him (on top of a €160,000 golden handshake). The evidence that we can afford such generosity to a man of unremarkable talents fills me with hope. No country that can afford such generosity is truly broke.

Onwards to the Luxury Hall.

This is the large area of the Brown Thomas department store given over to exquisite goods imported from all over the world. It’s the realm of Tiffany and Cartier and Prada. Where goods are tastefully displayed under glass, lit with care and watched over by shop assistants dressed to match. Here, instead of soulless piped music, shoppers are entertained by a piano that tinkles softly, the keys touched by invisible fingers — programmed to delight.

Many shopping playgrounds are pitched at our aspirations. Not here — this is for those who have arrived in the Premiership of consumerism. It’s a place of peace and hope amid the uncertainty and distress of modern Ireland, and on Friday it was busy. I love to browse there, encouraged that this country is far from the beaten docket that some imagine. Many of the goods have no price tags. If you need to ask, you can’t afford it. There’s stuff here that even Dermot Ahern couldn’t afford.

And, when you tire of the Luxury Hall, you can take the escalator to the recently opened Marvel Room. Why do we need a Marvel Room when we have a Luxury Hall? Oh, silly. Because we can afford it.

Perhaps some of the AIB crowd, hugging the bonuses they earned by running their bank into the ground, might seek self-esteem there. Or Ivan Yates, encouraged that the Budget reflects so well the things for which he campaigned as a journalist, might indulge himself.

Ivan became a TD at 21 (I was at his selection convention, a witness to history in the making). He served as a minister for two-and-a-half years and retired at 43, to look after his chain of bookie shops (about five-dozen of them, now). He has a lucrative media career, where he rails against such extravagances as free TV licences for pensioners (“let’s bite the bullet and cull these cows”). He seems affronted that “average teacher pay is €52,000” and that “favourable pension terms lie at the end of the rainbow”.

Mr Two-and-a-half-years-in-office has been on a political pension since the age of 43. The pension is now close to the level of a teacher’s salary. Okay, so it’s not the €98,000 we splurge on Bertie, but Bertie did a lot more for the. . . Well, let’s not go there.

If Ivan wanted to buy me something from the Marvel Room, I’d suggest the Louis Vuitton whiskey case, at 16 grand. Only kidding, Ivan. Put your chequebook away. Perhaps a more appropriate gesture, from one hack to another, would be a nice pen. Mr Vuitton has a lovely biro, in 18-carat gold and alligator skin, at €1,110.

The Marvel Room, too, was busy on Friday. I enviously eyed a Mont Blanc pen, a John Lennon Special Edition, at a mere €650. It came with — and I’m not making this up — a replica single of Imagine.

I hummed, “Imagine no possessions. . .” Ah, John. My favourite 16-year-old wondered why they hadn’t thrown in a copy of Working Class Hero.

The Christmas present list would be a doddle at the Marvel Room. Lots of five-grand handbags, a candle for €210 and a candle-lighter at €180. Don’t curse the darkness, light a candle, right?

A purse for your iPod at €495, a Tiffany pendant at €11,250 or a pair of Annoushka earrings for 25 grand. The Marvel Room offers a shopping bag with “LOOT” printed on the side. At €165, it will “make your teen the envy of all their friends”. Ah, values, values.

They do a nice line in Juicy Couture — last time I saw that brand was in London recently, in Harrods (oh, I get around), below an enormous advertising slogan that might be a mantra for our times: “Let Them Eat Couture.”

From my sick bed, I had read former President Mary Robinson’s sermon to the citizens on how “greed was the main problem”.

While the banks and politicians bear some blame for extinguishing the republic, “it’s our own mistake as Irish people, collectively”.

It’s refreshing that we can afford a pension of around €140,000 for an ex-President who didn’t even finish her single term before running off to a better job. And €51,000 a year for Dermot Gleeson, former chairman of AIB (he gets the pension because he was Attorney General for two-and-a-half years). And €52,000 for Goldman Sachs man Peter Sutherland (AG for three years). And — oh, the evidence that we’re a thriving, generous country goes on and on.

So, you see, there is hope.

The message from our betters is that the problems were caused by our collective greed, and now we’re all in this together. We need to incentivise the unemployed and the lower paid (by lowering their income); and incentivise the wealthy (by protecting them). In a private phone call last week, according to Emmet Oliver in Thursday’s Irish Independent, EU officials, “told international investors that even a new Irish government will not be allowed to remove the protection which has been given to senior bondholders in the banks”.

This is not comment or speculation, and Mr Oliver doesn’t make things up. The EU decides what the incoming government is “allowed” do. And German, Dutch and French bankers who lost their gamble on Anglo will have their bets refunded out of our pockets — or the country will be shredded by the EU and the bond vigilantes.

Now, the weighty, purposeful question — why does the country sink further with every ‘solution’ offered by this Government?

Because it doesn’t understand the enormity of the debt crisis, across Europe. And its consequences. It tried to preserve the insolvent Irish banks, and brought down the State. And now the effort to save the system of structural inequalities deflates the real economy and puts the whole system at risk.

There’s a choice between engineered change and disorderly collapse. And it’s heartbreaking that our elite seem to have chosen the latter.

source http://www.independent.ie/opinion/columnists/gene-kerrigan/gene-kerrigan-we-no-longer-have-the-luxury-of-time-to-prevent-collapse-2457758.html

Sunday Independent

I’m too sick to even comment!

FF rats getting cold feet ?

Sent to us this afternoon from Citizens First group

With every day I am getting more angry at the media, hearing Brian Dobson describe Dermot Ahern as one of the most hardworking and best FF politicians is simply mind-boggling. I really blame the media as much as FF for our present situation. Last week there was an article in the Examiner, pointing out the there is still lots left for the Irish to be proud of. It was explained that during the Celtic tiger years the Irish were the proudest nation on the planet, well, I totally disagree with that. When I came here 30 years ago, I found the proudest nation on the planet. A nation who was literally untouched by the cancer ( with that I mean the selfishness, the arrogance, the nastiness that is a consequence of lifestyle based on financial values alone) that was already spreading in mainland Europe. Back then the Irish had very little, but what they had, they shared with a heart and a half. No matter, how bad things were, the Irish I met back then, had always a smile and always a welcome. And they knew how to enjoy themselves and have a laugh. And yes, they drank and smoked, so what, they did that in mainland Europe too, but behind closed doors, so nobody could see how much they actually drank and what the consequences were. In the Ireland I found back then, the pub culture here was the envy of the rest of the world, it was here where you found proud Irish men and women, who sang their songs with all their heart. That was Irish pride, and so was the national anthem in the end of a night. Yes, people needed a drink or 10 to relax, but that is just the way it is.
I think if our Irish DO-GOODERS would find a way to relax, they would not come out with so much rubbish and introduce more and more measures ordering us how to live our life.
During the Celtic Tiger years, the Irish lost their pride and it was replaced by arrogance and superiority, that stems from having money to burn. It is still present and I think the recession might take care of it. Yes, the Irish have lots to be proud of, but they have to lose the arrogance and their self importance and rediscover their values. And it is my humble opinion, that Ireland can get out of this mess with hard work and sacrifices and certainly without interference of outsiders, who are only interested in taking as much from Ireland as they can. Bloody vultures.
Keep up the good work,
Brigitte

The total package for Mr.Dermot Ahern is around €308,000

Dermot Ahern, Irish politician and Government ...

Image via Wikipedia

FIANNA Fail is braced for a raft of pre-election retirements after Justice Minister Dermot Ahern became the first heavy-hitter to announce the end of his time as a TD.

He revealed yesterday he is to bow out at the next election, but he will still get a goodbye package worth €308,000.

As a retired TD and former minister, Mr Ahern will get annual pension payments of €129,000 — almost €37,000 more than the basic €92,672 salary he would have got if he was an opposition TD after the next general election.

Mr Ahern was joined on the retirement list by former Health Minister Rory O’Hanlon, who was expected to stand down. In his Cavan-Monaghan constituency, the party is unlikely to select a replacement to try to defend the other two seats it holds.

In a sign that Fianna Fail is braced for an election bloodbath, it is to run significantly fewer candidates. Strategists believe this will help the party avoid losing more seats by splitting the Fianna Fail vote.

‘Dragons Den’ TV star and businessman Sean Gallagher confirmed to the Irish Independent last night that he was considering seeking the Fianna Fail nomination as Mr Ahern’s replacement.

But Mr Ahern’s retirement is a blow to Fianna Fail’s campaign strategy of running well-known candidates with well-established, strong local support.

Fianna Fail TD Mary O’Rourke, the aunt of Finance Minister Brian Lenihan, is pressing for a meeting of TDs and senators to be held early in the new year to discuss the party leadership.

Political observers are now speculating over who could be next to step away from the party.

Former Government Chief Whip Tom Kitt is sticking to his plan to retire from the Dail, which he announced over two years ago.

He and the other two TDs are the only ones to officially declare their intentions so far, but Fianna Fail’s selection of candidates will flush out further deputies over whom there are doubts.

Former Taoiseach Bertie Ahern and former minister Michael Woods haven’t declared their intentions, but neither is thought to intend running.

A battle with motor neurone disease means backbencher Michael Fitzpatrick is also expected to stand down.

Finance Minister Brian Lenihan and backbenchers Sean Ardagh and Noel Treacy have also fought illness, raising question marks over their plans.

Fianna Fail TD MJ Nolan has vehemently denied he is retiring.

There are also doubts about TDs within Mr Cowen’s circle of close allies, with Enterprise Minister Batt O’Keeffe, Junior Minister John Moloney and Junior Minister Michael Finneran all recently forced to deny they will retire.

And there are rumours surrounding several other veteran TDs.

Government Chief Whip John Curran is to meet with Ms O’Rourke this week to discuss her proposal. The general election is still expected to be held in February or March.

In certain cases, Fianna Fail will give up some seats in an effort to avoid losing more seats in a constituency by spreading the vote too thinly.

Where TDs retire, there will be a question mark over whether they are replaced on the ticket to manage the vote tightly.

Mr Ahern last night revealed the personal impact of protests outside his family home as he announced his decision to quit politics. The Justice Minister denied that he was motivated by money or that his decision was related to the bailout.

He said there were a number of reasons for not running again in Louth in the next general election — among them his diagnosis with rheumatoid arthritis and a promise he had made to his family.

“It wasn’t only my medical condition to be honest. That copper-fastened a decision that I had made previously. I have given a commitment to my wife and family that the 2007 election would be my last election, and I confirmed that to the Taoiseach in October 2009,” he said.

Mr Ahern will be able to retire with a total package worth €308,000 — thanks to a legislative move made by former Finance Minister Charlie McCreevy.

Mr Ahern (55) is expected to receive a ministerial pension worth almost €75,000 per year, a TD’s pension worth around €54,000 per year, as well as a pension lump sum of around €162,000 and a termination lump sum of €17,000. The total package is worth around €308,000 over the next year.

– Fionnan Sheahan and Michael Brennan

Irish Independent

Comment:

In any time in the past this kind of golden handshake is outrageous but now that the country is bankrupt and by the incompetence of this Fianna Minster we must at all costs stop this madness

This Guy should be going to Jail along with the other traitors that have sold our country down the river.

(What a laugh this economic terrorists the Justice Minster Only in Ireland)

Rewarding people like this that have destroyed the livelihoods of countless millions of Irish we must not be allowed, in fact we must take back and decrease all payments of all past and present politicians

No politician should be getting a pension over the national pension, and then only one pension

Payments like this are an insult to all ordinary decent people and I call on you all not to vote for any of the existing TD’s of our area we should only vote for new TD’s that will take a 60% cut on their salary

Dermot Ahern to go

Dermot Ahern, TD, Minister for Justice of Ireland

Image via Wikipedia

Minister for Justice Dermot Ahern said this morning he will not contest his Dáil seat in Co Louth at the next general election for health reasons.

In a statement released this morning, the Fianna Fáil Minister said in the last 18 months he has been “diagnosed with a painful medical condition necessitating heavy medication” and has been advised to change the pace of his life.

“There is never a good time to make a decision like this. I do so in the knowledge that there are many people in the party who will now be able to take up the battle and to represent Fianna Fáil in the best traditions of the party in this constituency,” he said.

Mr Ahern, who is a solicitor by profession, has served as a public representative since 1979. He was first elected to Dáil Éireann in 1987 and retained his seat ever since.

During his career he has held the justice, foreign affairs, communications, social and family affairs portfolios and has served as government chief whip.

“I believe in the upcoming generation; well educated, energetic and enthusiastic. I believe they deserve the opportunity to contribute,” he said in his statement. “As a nation we face major challenges. I firmly believe in the spirit and resilience of our people. I believe in our country.”

Mr Ahern later revealed he has been suffering from rheumatoid arthritis and made the decision to step down following the 2007 election. He said he informed the Taoiseach of his intention in October last year. He confirmed it this weekend and before informing his Cabinet colleagues this morning.

The other TDs in the Louth constituency at present are Mr Ahern’s party colleague, Ceann Comhairle Seamus Kirk; Sinn Féin’s Arthur Morgan; and Fine Gael’s Fergus O’Dowd.

Mr Morgan recently announced plans to step down at the next election, with Sinn Féin president Gerry Adams set to contest the seat in his place.

Speaking on RTÉ’s Today with Pat Kenny,  he said he has been advised to reduce the pace of his life.

“I canvassed in Donegal and I physically was not able to move after one days canvassing because of the pain. That is something I am going to have to live with but I’m told if I am to have any chance of that dissipating obviously my pace of life has to change somewhat.”

Mr Ahern said his decision had nothing to do with Mr Adams contesting the Louth constituency in the next election. “I’ve been in politics for 24 years, I’ve fought some very tough battles, I have no fear of Gerry Adams or no-one else.”

He said while he felt Mr Adams will get elected there would be a “significant ABA (anyone but Adams)” vote in the area and that the idea of “parachuting someone in from outside the constituency in this day and age is an abomination”.

Mr Ahern said he would be extremely interested in doing some work in or associated with the third world in the future.

Comment :

You have got to be joking you and your other gangsters in the Dail have just plunged our country into the 5th world status ,none of the so called  third world countries  have debts as big as ours and I suppose you expect to walk away with a big send off and a fat pension I hope the Irish people in the next Dail will slash your pension down to the nation pension and hopefully you along with the other crooks that are now running for cover will have to every year, worry about paying you bills like the millions of people all around the country because of your incompetence and arrogance

Get going and don’t come back I say!

Out of this World Minsters and TD’s

Nama to seek pay cuts

SIMON CARSWELL and STEVEN CARROLL

The National Asset Management Agency (Nama) has said it is not setting a cap on developers’ pay but will force large pay cuts across their companies as it seeks reductions of up to 75 per cent in the cost of running their businesses. 

The agency, which was set up by the Government to take the most toxic loans out of the banks, is aiming to approve business plans submitted by the 30 biggest borrowers by the end of next month.

According to the plans, developers must provide details of how they plan to reduce overheads, including pay, by between 50 per cent and 75 per cent of what they were at the peak of the booming property market.

Nama said the banks had allowed developers to grow their businesses to “unsustainable and unrealistic levels of overheads”.

“We are not getting into what individuals should be paid,” said a spokesman for the agency. “But it is inevitable that there will be very significant pay reductions for executives working in the businesses if their overheads are reduced by up to 75 per cent.”

Developers who assist Nama can hold on to their family homes if they can afford to do so on their reduced pay, as the agency will not call on personal guarantees on loans while they are co-operating. However, Nama will force developers to sell overseas houses and holiday homes to repay loans.

Weekend newspaper reports suggested that some of the 10 most heavily indebted developers may pay themselves salaries of up to €200,000 a year under their business plans. Nama would not comment on specific salaries, saying the division of an overall pay bill approved by Nama under a business plan was a matter for developers.

Speaking on RTÉ radio yesterday, Minister for Justice Dermot Ahern said the scale of salaries might not seem right to the public but the developers would not be let off the hook.

If Nama wanted co-operation from developers to finish building projects in order to ensure a return for the taxpayer, then it had to take pragmatic decisions, said Mr Ahern.

“Ultimately, there will be excessive pain for these people one way or the other – either it is bankruptcy or they co-operate with Nama,” added the Minister.

The agency has a first legal charge over their assets so developers will “potentially lose their family homes and all the assets that they have”, said Mr Ahern. “There will be an awful lot of pain meted out to these people who took out excessive loans, and because of the burst they’re not worth what they used to be.”

The agency said it intended to work with developers who co-operated in selling assets and completing projects with a view to repaying loans and helping Nama to recover the highest amount for the taxpayer.

Where developers do not co-operate the agency will take enforcement action, he said, adding it was working on about 12 potential cases to bring developers to court or take control of their businesses.

Nama said it would judge whether it was better value to install an insolvency expert to run their business if a developer’s business plan was too costly. The spokesman for Nama said the agency was “astounded” that insolvency professionals had asked for up to €800 an hour for a 500-hour assignment – a fee of €400,000 for one job – in a competitive tender for contract work with the agency.

Nama will only hire at the lower end of the range offered, from €180 an hour, the spokesman said.

Some €27 billion in loans owing by the 32 most indebted developers has been acquired by Nama in the first two tranches of loan transfers to the State agency.

Nama is buying €74 billion in loans linked to 840 borrowers from five participating lenders. The agency is paying about €40 billion for the loans, which is creating massive losses at the institutions, forcing the Government to inject capital and to effectively nationalise four of the five lenders.

Minister for Finance Brian Lenihan has said all loans will be moved to Nama by the end of the year after he approved the fast-tracking of the transfers to remove uncertainty around the process.

Comment :

The Governments fast track approach to consigning developer’s loans to NAMA with super speed expedience is nothing short gross negligence.

This is giving the Toxic Banks a unbelievable opportunity to off load otherwise worthless toxic assets  

Then we here that these same developers can now stay in their stately homes thanks to a deal worked out by the new gangsters in NAMA and that they will also receive a salary of up to 200,000:00 Euros and this when the Fianna Fail & Green Government will tell the people of Ireland that they must take 15,000,000,000:00 out of the economy to safeguard Jobs and growth in the same economy.

For God sake how is taking 15,000,000,000 billion out of the economy going to help grow the economy? Cuts are needed but we are  not going to get them where they are needed  namely in the hugue saleries paid to the top directors in semi state bodies ,mMinsters,TD’s and Top civil servents   Are they even livening in the same country that I am struggling to live in?

The one minster we have in Wicklow was “busy” been fated in the Marriott Hotel in Druids Glen last Thursday

source Wicklow Times

while the rest of us are bewildered by the latest display of the pampered out of touch brigade in Government arriving in their plush Merks at Government Buildings .

http://www.rte.ie/news/2010/1026/economy.html#video

None of these seem to be worried that they could be on the dole queues anytime soon in written all over their faces.

If you do anything good in your life promise yourself that you will not vote for any one of these Leaches ever again

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