Just more lies?
Central Bank report for Quarter 2, NAMA’s 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!
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.
The significance of Ronald Quinlan’s revelation today that Fine Gael sought and accepted a sum of money from a property developer — and not just any property developer — should not be underestimated.
O’Flynn Construction is one of the country’s most- indebted construction firms. The taxpayer has recently financed the transfer to Nama of those debts, estimated at around €1bn.
Michael O’Flynn, the chairman and managing director of O’Flynn Construction, on Wednesday last swung his Mercedes S350 executive saloon into the K Club to play a round of golf with the man who regards himself to be the Taoiseach-in-waiting.
Mr O’Flynn sanctioned his firm’s payment of €1,500 for the honour of teeing off just behind the leader of Fine Gael, Enda Kenny, and his most loyal lieutenant, Phil Hogan
He also sanctioned the payment of an undisclosed sum, possibly another €1,500 — maybe more, maybe less — to sponsor the famous 18th hole at the K Club, a club which is itself partly owned by Gerry Gannon, also of Nama fame, who is one of the so-called Anglo Golden Circle.
And so on and on it goes, full story at source
I am disappointed to hear that Fine Gael’s Enda Kenny (self styled Taoiseach in waiting) did not have better judgement and for my money (the little I still have left ) I will bet that he most certainly will not be the next Taoiseach.
Nor does he deserve to be! with such display of total disconnect from the general public!
Displaying this total detachment for the feelings of the ordinary people who are struggling to pay their continuously rising household bills and green party new taxes
Enda Kenny has made a major miscalculation here; prancing around the K-Club the taxpayers of this country will not forgive this making out with the golden circle boys from Anglo Irish Bank !
The last thing this so called Taoiseach in waiting needed was to be photographed with members of the golden Anglo Irish circle
How can anybody now believe that this man or his party will make the developers pay their debts to Anglo Irish Bank, now owned by the hard pressed taxpayers of this country?
Mr. Kenny I predict you will not be the next Taoiseach of this country and you might not even be in the Dail after the next general election
What a shame too!
The perception now of the ordinary people of Ireland is that Fine Gael has little or no difference in policies with Fianna Fail, with regards to NAMA or the Developers who ripped off all those now and for the foreseeable future will wallow in negative equity.
Enda Kenny’s golf outing at the K-Club has only encouraged the belief he is just as chummy as Lenihan and Cowen with the brazen developers and bankers who have destroyed our country and have made us servants of the international bond pushers
What dimwit is advising this man?
I call upon the Fine Gael and Enda Kenny to send back the donations made by this Developer and to commit no to take any donations from any other Developers involved with NAMA
please singe petition on facebook here