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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

Privacy law may delay Nama property sales

Privacy law may delay Nama property sales

JACK FAGAN Irish Times 25th. May 2011

A RECENT ADMISSION by the chairman and chief executive of Nama that they are precluded from giving information, to interested parties, on assets acquired could seriously delay the sale of distressed property loans, say senior property industry figures.

The disclosure is likely to come as a surprise to some Government ministers who are anxious to see Nama speed up its disposal programme. To date the State asset management company has spent €30.5 billion on buying loans from participating banks with a nominal value of €73.4 billion. Under current legislation, the National Asset Management Agency can only release details of property loans it has bought if the borrower gives consent to it or where a receiver has been appointed.

Both the chairman and chief executive of the Nama, Frank Daly and Brendan McDonagh, told a meeting in Cork last week that under Sections 99 and 202 of the Nama Act, as well as the Data Protection Acts, they could not provide prospective buyers with information about the underlying property assets in any particular property portfolio.

The admission was greeted with surprise and dismay by property managers who question how anyone can purchase a loan book or a bundle of properties without knowing what exactly they are buying. A leading property manager said it was like trying to sell your house and not being able to tell prospective buyers what the address was, how many bedrooms it had or what price was expected.

“No one will buy a pig in a poke. This is legislative madness which needs to be changed,” he said.

The unusual restriction will clearly put Nama at a significant disadvantage to non-Nama banks which can offer loan books and property assets for sale on the open market.

Mr Daly and Mr McDonagh told the Cork meeting that given hardly a week goes by without some comment or other being made about the alleged secretiveness of Nama they thought “it may be appropriate to talk briefly about the whole area of openness and transparency as it relates to Nama and to set out the current legal constraints under which we operate”.

In their address, they said members of the Nama board and Nama officers were prohibited under Section 202 of the act from disclosing confidential information.

Confidential information was specifically defined to include information relating to debtors. Furthermore, Section 99 of the act provided that, on acquisition of a loan, Nama took over the obligations of the participating institution under the loan, one of which was the contractual duty of confidentiality which the debtor enjoyed while still a customer of the participating institution.

For these reasons they considered they could not disclose details about debtors because to do so would leave them open to litigation. Information about individual debtors or guarantors was protected against disclosure by the Data Protection Acts which Nama must comply with as a data controller.

The Nama executives said a change in the law would be required to enable Nama to disclose information about a debtor. “However, even if the law were to be changed, there is still no certainty that the amended legislation would survive constitutional challenge if a debtor initiated proceedings to protect what he would perceive to be his right to confidentiality and to privacy.”

The two executives said they were not in a position to have discussions with potential investors, or others, about assets which were under the control of debtors who were meeting their repayment obligations or who were still negotiating with Nama on their business plans.

This was no different from the reasonable expectation that any of us might have that our bank would not enter into negotiations with a third party about the sale of our property unless we were in serious default. “That is not to say that we cannot facilitate buyers and debtors who share a common commercial objective. I should add that many of the disclosure constraints that apply to property assets under the control of debtors do not apply to property assets that are controlled by receivers engaged directly or indirectly by Nama.”

Property managers will be sceptical about the danger of introducing a minor amendment to the law that would enable Nama to provide full information on distressed property assets for sale. One property manager said it was “laughable” that a Government threatening to outlaw existing legal agreements on upwards-only rent reviews would hesitate about making a simple change in the Nama law to allow it to recover billions of badly needed euro spent on distressed property assets.

Comment:

Something stinks and this has all the hallmarks of deals been done for the benefit of the insiders and the golden circle .The government should immediately put in motion a regime that will ensure total transparency of the process of disposing of these properties. NAMA must provide full information on distressed property assets for sale. The notion that they could hide behind Sections 99 and 202 of the Nama Act, as well as the Data Protection Acts, prohibiting them to provide prospective buyers with information about the underlying property assets in any particular property portfolio is preposterous.

I suspect that the choice pieces are been creamed off to the benefit of possible the very same developers that are now in trouble. It is not acceptable that we the taxpayers should now allow this kind of blatant attempt to fleece us once again .

Swiss bank accounts targeted by Revenue

By Emmet Oliver Deputy Business Editor

Thursday April 21 2011

The Revenue Commissioners are investigating 3,600 Irish firms and individuals who have bank accounts in Switzerland and Liechtenstein to make sure tax has been paid on the money.

Some of this group have recently received letters from the Revenue challenging them on where the money originated from. “This is an ongoing investigation,” said the Revenue yesterday.

The organisation, which published its annual report, got a tip-off from another country about bank accounts in Switzerland held by Irish residents, but declined to name the country.

However, last year it was revealed that the German government paid money to buy a computer disc with the names of thousands of people with secret Swiss bank accounts.

All the Irish Revenue would say yesterday was its information did not come from Switzerland itself.

The revelations of a probe into Swiss bank accounts came as the Revenue warned that growth in the “shadow economy” was likely due to the recession. “The biggest risk in the so-called shadow economy is suppression of sales and under-declaration of income,” said Revenue chairwoman Josephine Feehily.

Investigation

She said the Swiss investigation was going on intensively at present. “We have more checking to do before we can say whether those dealings cause us concern or not,” she said.

The Revenue have been hitting Irish banks with court orders to force them to give the Revenue information about transfers between Irish banks and those in Switzerland and Liechtenstein. It is understood some accounts in Jersey and Guernsey are also being examined.

The Revenue made it clear that some of the people involved have already made a disclosure to them in 2004, but others have not and they have received letters.

The Revenue Commissioners also revealed yesterday they were continuing another probe into 300 directors and executives from the banking sector.

To date, €1.3m has been collected on the back of these enquiries, although Ms Feehily played down the scale of activity being investigated, saying much of it related to benefit in kind.

The Revenue are also working closely with NAMA and have collected information on 108 cases. Ms Feehily said what Revenue wanted to know was how certain developers and borrowers financed certain deals and where they got the money to do this. She said her organisation had a very good relationship with NAMA, which is led by former Revenue chairman Frank Daly.

Meanwhile, it has emerged that over 15,000 people and firms can only pay their tax debts by instalment due to the severity of the downturn, the Revenue revealed yesterday.

The Revenue said it had put “payment arrangements” in place for individuals and firms who owe €160m. But it warned that only those who come forward early will get such arrangements.

The Revenue is not meant to be a “lender of last resort”, said the organisation.

During the year the Revenue collected €31.92bn, just 2.25pc ahead of the Budget estimate. Thirteen court convictions for serious tax and duty evasion were taken in 2010.

Audits by the Revenue produced €434m in the year, while other assurance checks, which are less severe than an audit, produced proceeds of €58m.

A senior official has, meanwhile, been appointed to assess any implications from the Moriarty Tribunal report, said Ms Feehily.

– Emmet Oliver Deputy Business Editor

Source: http://www.independent.ie/business/irish/swiss-bank-accounts-targeted-by-revenue-2625866.html

Comment:

I wonder are they going to check out Mr.Noonans accounts as well?

I smell a rat here are we been led up the garden path here? There is enough to go on with the top developers with the likes of Quinn and his pals, and we don’t have to stop there, the top elite all around Irish society have been moving their money to the Swiss banks for the last two and a half years, you don’t really believe that Sean Fitz has only 188 euro to live on a month?  What about the whole sail movement of ill gotten assets to spouses, why is the CAB not called in to investigate these accumulated assets through fraud?  These Assets include the pensions these upstanding members of the golden circle have stashed away .I believe we are been given yet another promise of action against these cute Boys and Gals   but eventually we will get a fat nothing! All pensions should be stopped and the source of the funds that helped to amassed these pension rights should be forensically examined to establish these pension rights were in fact as a result of fraudulent actions by the Beneficiaries of such pensions and the low of the land is that crooks cannot benefit from their fraudulent actions .So Mr. Noonan  call in the CAB  and until their investigations are complete you should not have to payout any state pension to the corrupt politicians ,and gangsters that have brought this country down into this financial hell hole!

By Emmet Oliver Deputy Business Editor

Thursday April 21 2011

The Revenue Commissioners are investigating 3,600 Irish firms and individuals who have bank accounts in Switzerland and Liechtenstein to make sure tax has been paid on the money.

Some of this group have recently received letters from the Revenue challenging them on where the money originated from. “This is an ongoing investigation,” said the Revenue yesterday.

The organisation, which published its annual report, got a tip-off from another country about bank accounts in Switzerland held by Irish residents, but declined to name the country.

However, last year it was revealed that the German government paid money to buy a computer disc with the names of thousands of people with secret Swiss bank accounts.

All the Irish Revenue would say yesterday was its information did not come from Switzerland itself.

The revelations of a probe into Swiss bank accounts came as the Revenue warned that growth in the “shadow economy” was likely due to the recession. “The biggest risk in the so-called shadow economy is suppression of sales and under-declaration of income,” said Revenue chairwoman Josephine Feehily.

NAMA provides progress update and claims PTSB/ESRI index is not realistic

By namawinelake

The NAMA chairman (for the time being), Frank Daly, delivered an interesting progress update today to the Licensed Vintners Association (Dublin bar owners and operators). At some eight pages in length, the speech continued quite a number of snippets including (1) NAMA has now absorbed €72.3bn of loans at nominal value in return for NAMA bonds of €30.5bn. This is up €1.1bn at nominal value from the February, 2011 update and up €0.3bn in terms of NAMA bonds which indicates that the latest AIB mini-tranche of €1.1bn of loans was acquired for €0.3bn or a 73% haircut, which is considerably more than the final estimate for AIB’s overall loans of 60%. NAMA has not provided a detailed update on tranches acquired since 23rd August, 2010. It is noteworthy that such a significant tranche of AIB loans attracted a 73% haircut. (2) NAMA is directly managing the top 175 developers representing €61bn of loans at par value which means that the banks/Capita are managing the remaining 675 debtors representing €21bn of lending at par value. (3) NAMA may acquire another €3.5bn of loans at par value, presumably representing Paddy McKillen’s €2.1bn of loans and €1.4bn of other objectors’ loans. (4) “The Agency has already concluded its review of business plans from the largest 30 debtors which account for approximately €27 billion (40% of portfolio) of acquired loans.” This seems not to have moved for three months. (5) Agreement in the form of Memoranda of Understanding has “been completed with eleven debtors” and “agreement is at a final stage with six more” and there are still negotiations with another eleven. In order for there to be an agreement NAMA has said that there will be three documents (1) Memorandum of Understanding (2) Heads of Terms and (3) Final Agreement and these documents will need be signed by (1) NAMA and (2) the developer and (3) potentially the developer’s wife. It is not clear if any agreement has seen all three documents signed by all three parties. (6) NAMA has appointed receivers in 41 cases so far. These may have been appointed by the banks under NAMA’s direction. It appears that NAMA has appointed receivers in two cases itself, presumably referring to Bernard McNamara and Liam Carroll. (7) NAMA has acquired loans which are secured by 83 hotels in Ireland – 30 in Dublin, 24 in Leinster (ex Dublin), 17 in Munster, 9 in Connaught and 3 hotels in Ulster. Three of these 83 hotels are closed and more are likely to close if they cannot demonstrate their viability (8) NAMA thinks that the residential market had already dropped by 50% in November 2009 even though PTSB/ESRI said at that time less than 35%. Given NAMA’s position in the market, this is quite startling and frankly means that the ESRI has questions to answer if NAMA is correct. The ESRI is a partly government-sponsored body though presumably the PTSB index is produced on a commercial basis. Doubts in the accuracy of the house price series have been expressed on here several times because of the seemingly small sample sizes.

source:URL: http://wp.me/pNlCf-1bC

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