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Posts tagged ‘Frank Daly’

NAMA’s lousy presentation of its property for sale lands it in hot water again

“I understand the sensitivity of sales under NAMA but I am concerned that in giving misleading addresses or limited information on properties for sale NAMA is constraining ordinary people from knowing what is for sale and bidding on these properties” Deputy Mary Mitchell O’Connor speaking in the Dail on 15th November, 2011

full article at source:http://namawinelake.wordpress.com/2011/11/22/namas-lousy-presentation-of-its-property-for-sale-lands-it-in-hot-water-again/

Two developers paid €200,000 a year by NAMA

Two developers whose loans are in NAMA are being paid €200,000 a year by the agency.The Dáil’s Public Accounts Committee was told that between 110 to 120 developers are being paid by NAMA and it emerged that in some instances, developers can also get commission.

NAMA chairman Frank Daly said it was a commercial decision to pay developers who co-operated with the agency.The majority receive between €70,000 to €110,000. However, two major developers are in receipt of €200,000.

Payment to developers was made on a case-by-case basis in the best interest of getting a return for the taxpayer, Mr Daly said. He would not reveal the identity of the two developers in receipt of €200,000 each, due to confidentiality restrictions.Developers who sell properties for more than the price NAMA paid can get a 10% commission of the surplus if they reach financial milestones.

Fullarticle at source: http://www.rte.ie/news/2011/1026/nama.html

Comment:

Unbelievable two developers are been paid by the taxpayers the
princely sum of 200,000Euro.No matter how you spin this one this just outrageous these
developers gambled and lost and they should be put out of business instead, we
the taxpayers are paying them a salary for life it would seem .This is not
justice and the politicians that have sanctioned should be shot. This NAMA is
nothing more than a bailout for privileged people on the inside track and who
have the connections that push the right buttons.Insiders to you and me.We all heard the horror stories from friends and family where the bank are coming the heavy .Kicking people out of their business ,overdraft’s canceled,and bullying tactics are at such unprecedented  levels the Central Bank has to step in and warn the banks to behave. This is just wrong, if any other person gets into trouble with the banks they do not get a salary from the bank to cooperate with the Bank? No way !

How can Labour support this outrageous state of affairs??

Jesus why are we putting up with this outrageous con job?

For god sake wake up Ireland!

The Minister for Finance, Mr Michael Noonan TD responds

Department of Finance                   Office of the Minister

UpperMerrion Street,                      http://www.irlgov.ie/finance

Dublin Ireland.Our Ref: 11/0035/MF 29 September 2011

Dear Mr Clarke

The Minister for Finance, Mr Michael Noonan TD, has asked me to thank you for your e-mail of 13 September regarding the media reports about the High Court case between the Dalys and NAMA, which seemed to suggest that NAMA was cutting a sweetheart deal in this case.  While the facts set out hereunder may or may not assuage your concerns in this matter, it is important to explain these facts to set some context at the very least.

The first point is that NAMA can only operate in accordance with the law in general and the provisions of the National Asset Management Act 2009 in particular. Section 211 of the NAMA Act was included specifically to deal with cases where assets were being transferred into the names of relatives in an attempt to hinder NAMA. This section providesthat in certain circumstances the High Court may, upon application by NAMA or a NAMA group entity, declare disposals of assets of debtors and guarantorsetc. to be void if the Court is satisfied that (i) the effect of that disposal is prejudicial to the acquisition by NAMA or a NAMA group entity of one or more bank assets and (ii) it is just and equitable to do so.

The second point is that Mr Frank Daly, the Chairman of NAMA has stated that as the agency is charged with maximizing the commercial return to the taxpayer, i.e., making the highest amount it can on the loans it is handling, it is regularly faced with difficult choices to make between working with a developer on his loans or foreclosing through the appointment of a receiver. The option selected by NAMA is whichever is likely to generate the higher return for the taxpayer. That is the basis for engaging with a borrower. It is certainly not corruption. This particular case was one where the borrower was resisting the attempts of NAMA (and also AIB) to appoint a receiver after attempts to reach a working agreement with the borrower had failed.

The third point is that to date NAMA has secured the reversal of a significant number of asset transfers as part of its business plan agreements with debtors. The Minister understands from NAMA that only a minority of debtors engaged in asset transfers to spouses, relatives or other parties but, in cases where it did occur, the reversal of such transfers is a key requirement imposed by NAMA before it can agree to a debtor’s business plan. Failure by a debtor to accept this requirement is likely to lead to enforcement action.

The final point is that the media reports have glossed over the fact that this was afailed attempt by the Dalys to prevent the appointment of receivers to their assets by NAMA and by AIB. They sought a High Court injunction against the appointment of the receivers and the Court refused their application. NAMA has confirmed that it is now examining all options for the repayment of the Daly loans and that any proposals made prior to the time of the appointment of receivers to the properties have been taken off the table.

Yours sincerely

Sean Kinsella

Private Secretary to the Minister for Finance

Comment:

 

 

Dear Mr. Sean Kinsella,

May I ask you to pass on to the minister my thanks for your prompt and indebt response?

Best wishes

Thomas Clarke

NAMA and the Social Divdidend

By Namawinelake

One of the first initiatives launched by this new government on taking office in March was to undertake a comprehensive spending review – checking out the nitty-gritty of where the country was spending its money, and then making efficiency savings and a necessary initiative.So step forward Minister for the Environment, Community and Local Government, Phil Hogan who seems to have spotted an opportunity to cut his own department’s costs without affecting the internal costs of the department. According to the
Irish Independent today “the minister said he was unhappy with the toxic assets
agency for not selling properties under its control at a discount to his department.” The famous NAMAsocial dividend” is mentioned again in the Minister’s speech yesterday – remember the last of the eight objectives set out in 2 (b) (viii) of the NAMA Act calls for NAMA “to contribute to the social and economic development of the State”

read full article at source: http://namawinelake.wordpress.com/2011/09/13/minister-attempts-to-reduce-his-department%e2%80%99s-costs-by-attacking-nama/

How much has NAMA lost on its investment in Irish government bonds?

By Namawinelake

At times you have to have sympathy for NAMA. As an asset management agency whose main assets are properties located in Ireland, the agency has really been up against it to achieve success since its inception in late 2009. The collapse in banking and credit, the deflation of an incredible property bubble, the abolition of Upward Only Rent Review commercial leases for new leases and the threatened retrospective abolition for old leases, an economy which has shrunk or at best is growing academically, the absence of confidence – it really has been a toxic environment for a business whose main purpose is to make money out of property and property-related loans and you can’t blame NAMA for much of the above.

see full article at source : http://wp.me/pNlCf-1GY

Money talks and Bullsh** walks!

namawinelake has a new posting about “Niall Mellon on NAMA “–

“money is not my god”, “I’m not one of these developers looking for €200k salaries” but he welcomes NAMA’s profit-sharing initiatives.

Niall Mellon, the property developer behind Knockrabo Developments and the Niall J Mellon group was a guest on RTE Radio 1 yesterday on the Sunday edition of the Marian Finucane show. The show is available online here and Niall’s contribution kicks in at around 40 minutes and lasts just over 30 minutes. The interview gave an interesting counterpoint to the interview the previous day with the NAMA chairman, Frank Daly. Niall himself (pictured here in 2008) is reportedly one of the Top 20 developers in NAMA, and there has been no news about whether or not the44-year old developer has agreed a business plan with NAMA. In addition to property development, the soft-spoken developer is probably best-known for his housing charity work in South Africa. I came away from listening to the interview thinking Niall is either a modern day saint or one of the cutest hoors you might ever come across. Here are the interview highlights:

read full article at source here  http://wp.me/pNlCf-1yr

Comment:

This is not uncommon as most con artists have a variety of personalities “the likable rogue” has help C J Haughey get away with sheer robbery most of his political life .As for NAMA been part of the solution is just farcical and coming from Niall Mellon a developer in trouble what else can you expect .Saint or rogue ? I dont know, but Nama is part of the problem, Its become a  safe haven for the very people that cheered on the exploitation of home buyers .These very people are now sitting in plush offices that are now been paid for by the taxpayers of Ireland and developers have even the cheek to expect to get paid 200,000 Euros  by Nama  is simply outrageous .

I am glad to hear that Niall mellon isn’t  getting paid a salary from Nama but his services might be called upon to build homes for the soon to be evicted Irish home owners maybe  homes Niall built in the first place .

A lot of the other developers have their hands out and Nama is obliging, . What bulsh*** .I heard a saying on TV last night

Money talks and Bullsh** walks!

If only ,here in Ireland we are drowning in Bullsh**from our political
masters and our money is doing the walking out of the country!

Frank Daily Reveals some of NAMA’s secrets

Saturday, I had the time to listen The Marian Finucane talk showon RTE 1
Marian was talking to the NAMA chairman Frank Daily Listen here to show .What I
found most surprising was after nearly 15 months NAMA still has to approve one
business plan and even this one “was close to finality” This is surprising to
say the least Then we heard that NANA wrote to the Government last year about
Upward Only Rents and leases, to highlight the effects any change would have on
NAMA,(presumably negative). Anyway listen and learn here
NAMA chairman Frank Daily

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