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Posts tagged ‘Liam Carroll’

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.


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 .

Who are the five developers currently in NAMA’s cross-hairs?


 May 3, 2011 at 11:49 am 

Laura Noonan in today’s Irish Independent reports that of the 30 top NAMA developers, 18 have signed “or are close to signing” a memorandum of understanding with the agency and these 18 are seen as being “relatively safe” (presumably that’s a direct quote from NAMA). Of course the reported phraseology might mean that all 18 of the developers have yet to sign, and “close to” is a very imprecise term. In addition to the signatures of the developers, the memoranda of understanding will need be signed by NAMA, which might require the agreement of the NAMA board, and potentially the spouse of the developer. And after the memorandum of understanding comes the Heads of Terms and finally a full agreement, and these two subsequent documents will also need to be signed by the developer, NAMA and potentially the developer’s wife. Next Tuesday will be the 10th of May, 2011 and the first anniversary of the completion of the transfer of the first Tranche of loans to NAMA. Now the first 30 developers have an average loan exposure of €900m and the business plans will not be straight-forward to say the least. That said, it is difficult to conclude anything other than NAMA is well behind schedule in its agreements with developers.
As for the remaining 12 developers in the Top 30, apparently five are facing foreclosure action by NAMA because the memoranda of understanding have not been agreed. The other seven are presumably already subject to foreclosure action.
And here’s where it starts to become very messy. NAMA does not generally disclose the identity of its developers – the agency stubbornly stuck to its guns last November 2010 at the Oireachtas Committee of Public Accounts hearing where Deputy Roisin Shortall in particular pressed NAMA for names of the Top 10 but the agency did not yield and asserted that such information was confidential. So we don’t definitively know the identity of the Top 10 or the Top 30. That said, Ireland being Ireland, we have had what seemed like well-informed reporting which speculated about the Top 30 and it is that reporting (particularly this and this article) which forms the basis of the table above. A further complication is that the Top 30 developers have extensive portfolios of property that might be split across many companies and some of those companies are subject to receivership and some aren’t.  For example, the only company with which David Courtney an Jerry O’Reilly have been associated which is subject to a NAMA receivership is Radora Developments which was responsible for the Elm Park development.
NAMA has foreclosed on quite a number of developers not on the above list. Jim Mansfield is not there, for example; reporting suggests that his debt to NAMA is “tens of millions of euro” which might mean he was too small for the Top 30. Jim however owes loans to other banks and Bank ofScotland(Ireland) foreclosed on the Citywest hotel complex last year. The implication from Laura’s reporting is that NAMA has foreclosed on seven of the Top 30 and that being the case, I would say those seven refer to Liam Carroll, Bernard McNamara, Derek Quinlan, Paddy Shovlin, Paddy Kelly, David Courtney/Jerry O’Reilly (Radora) and Ray Grehan (where the receiver has been “stood down”, temporarily perhaps). In addition, McInerney is in examinership and its appeal against the withdrawal of that examinership is scheduled to be heard at the Supreme Court this week. There was a report about receivership in respect of Sean Dunne in the Irish Sunday Times (not available online) but that seems to have been denied by Sean’s spokesman and nothing has come up in the Iris Oifigiuil.
So we don’t know the identity of the Top 30, we probably just about know the receiverships affecting the Top 30 and we certainly don’t know the identity of the 18 that NAMA claim have signed, or are close to signing, agreements. We most certainly don’t know the identity of the five that may be facing imminent foreclosure.
As always with these pieces, I get concerned that the media can get used by NAMA to wave its stick at recalcitrant developers – since NAMA doesn’t disclose confidential information and not all developers are networked with their competitors sufficiently to know the status of the negotiations with NAMA, there is a concern that developers will read articles like those in today’s Independent and conclude they are risk. Which they might be. Though they might also conclude that NAMA’s apparent failure to sign the three documents that comprise an agreement with a single developer, one year after absorbing the first tranche, might mean there are more general difficulties at the agency.

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


I would question the expertise of the NAMA staff, I would also question the recruitment methods and the safeguards that are or are not in place that would stop the poacher from becoming game keeper so to speak? Who is safeguarding the taxpayer’s interest in this new lottery carrousel for the chosen few ?  

Who is State Street ???

A leading provider of financial services to institutional investors worldwide

Since our entry into the European market in 1970, State Street has built a strong presence in the region to better serve our clients. Today, with more than 8,200 employees* throughout Europe, we offer local investors a complete range of financial services across the investment spectrum, including investment servicing, investment research and trading, and investment management.

In Ireland, we’ve grown our staff to over 2,000 employees* since first entering the market in 1996. With offices in Drogheda, Dublin, Kilkenny, and Naas, State Street in Ireland services more than US$500 billion* in assets for our clients and employs approximately 20 percent* of the workforce in the Irish funds industry — making us one of Ireland’s leading fund services companies. Recently, our investment management business State Street Global Advisors, completed its acquisition of Bank of Ireland Asset Manangement adding more than 110 employees in Dublin.

When you work with us, you have access to the local market knowledge of our experienced professionals, as well as capabilities and services that are highly scalable and truly global. More importantly, you benefit from our unwavering client focus and commitment to your success. Plus, with our strong local industry representation through the Irish Funds Industry Association, Financial Services Ireland, Institutional Money Market Funds Association and the Investment Company Institute, you’ll constantly be at the forefront of industry trends.

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     US State Street agreed terms for the second-biggest office letting in Ireland back in 2007and this is it. The global fund management firm occupies the   170,000 sq ft at the site, which was developed by X billionaire developer Liam Carroll here in the Sir John Rogerson’s Quay which is in the south docklands area, Dublin 2.
    State Street is using this office as its HQ . Savills HOK advised the financial services company, while CB Richard Ellis acted for Liam Carroll.
    Carroll’s company, Dunloe Ewart,is the company uses by Carroll and we the taxpayers of Ireland are now  the landlords of these guys. What brought my attention to this company is the sheer amount of Cameras on the building there is in all 17 and I can’t help wonder what it is that these guys want to protect so much in there? No other building along Sir John Rogerson’s Quay has as many cameras, most have a camera at the front door as you go into the buildings but this building is like Fort Knox, it  has cameras everywhere! Are these Boys managing Colonel Gaddafi’s hidden Billions??

    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

    Avalanche of receiverships as NAMA enters its enforcement phase

    February 16, 2011 by namawinelake

    A common misconception about NAMA is that it owns property and that the “assets” under “management” are real properties. That’s not the case, at least not at present. NAMA is managing loans, albeit secured on property. The sales that you are beginning to hear about (and I see the Irish Times has caught up this morning with the imminent sale of the Montevetro Building in central Dublin reported on here last month) are actually executed by the developers, though under NAMA’s watchful eye. However this is set to change with NAMA now evidently taking widespread enforcement action against developers. Enforcement involves NAMA seeking judgments against developers, appointing receivers (Ireland)/administrators (UK) or placing the developer in liquidation. There also seems to have been a ramp-up of enforcement action by NAMA banks against developers, particularly in the North where the BBC keeps good track of these actions. These developers may be the objectors written about on here recently and remember NAMA has effective control of NAMA-eligible loans even before they are acquired by the agency, that is, NAMA can direct the banks to act on loans that are NAMA-bound.

    There is maintained on here a spreadsheet which aims to track NAMA enforcement actions. For Ireland, it depends on Iris Oifiguil and court records which are not always up to date, so press reporting (which is also patchy) is used to supplement the data from the official record.

    The latest additions to NAMA’s list of enforcement action are Liam Carroll companies reported in today’s Irish Independent and from the Iris Oifiguil, a lesser known developer, Greenband Investments whose land at Westbury in Corbally, Co Clare is now controlled by a NAMA-appointed receiver, Gearoid Costelloe of Grant Thornton. Greenband might be best known for the development of the Showgrounds Shopping Centre in Clonmel. Its directors are Paul O’Brien and Mary Moran.

    The Liam Carroll receivership is likely to bring a considerable number of apartments to the market in and around Dublin. Some are likely to be sold but I would have said that the majority will enter the rental market as suggested by NAMA’s Head of Lending, Graham Emmet last September 2010.

    So although NAMA is at present a manager of loans, it seems that it has gotten stuck into enforcement actions which will see the agency more directly in charge of the property and indeed in the not-too-distant future, NAMA will start to own property in its own right. And slowly but surely, property will start to make its way onto the market.

    source: http://namawinelake.wordpress.com/2011/02/16/avalanche-of-receiverships-as-nama-enters-its-enforcement-phase/

    namawinelake take on Prime Time Investigates NAMA developers

    Prime Time Investigates NAMA developers. But exactly what new information was revealed?

    namawinelake | December 21, 2010 at 12:45 pm | Categories: Uncategorized | URL: http://wp.me/pNlCf-Tl

    RTE transmitted a capable current affairs programme last night which examined the wealth and lifestyles of several top NAMA developers who owe the agency an average €1-2bn. As a close follower of NAMA, I must say that it was the first Prime Time programme on NAMA where I haven’t found myself shouting at the TV screen at the mistakes voiced by presenters, journalists, junior ministers and commentators, and all in all it was an interesting insight into some of the residual private and commercial wealth enjoyed by NAMA developers such as Bernard McNamara, Michael O’Flynn, Gerry Gannon, Seamus Ross, Joe O’Reilly, Sean Mulryan, Derek Quinlan, Paddy Kelly & family and the Treasury duo – Messrs Ronan and Barrett. I couldn’t dispute any of the details.

    The programme gave a fascinating insight into the wealth (particularly property wealth) enjoyed by the developers and notably their wives – no interior shots of the houses but the opulence of the properties wasn’t in doubt and RTE made full use of camera masts to provide elevated images of the properties. Transport was also on show – be it Gerry Gannon’s 4-year old silver Range Rover (reg 06-D-7884, shouldn’t RTE be pixelating developer number plates?) and his wife’s red 2008 SL Mercedes, Bernard McNamara’s newish S-class Mercedes or Johnny Ronan’s old Maybach (worth about GBP 100k in the UK today where there is a second hand market). And speaking of second-hand values, John O’Flynn’s AgustaWestland 8-seater helicopter was valued at €3.5m+ by RTE.

    All in all though,I found it difficult to understand the point of the investigation. That developers still have access to immense wealth? That developers made substantial transfers to spouses? That developers still collect impressive rents on their properties? That developers employed offshore companies to manage risk in their businesses? All with an over-arching implication that developers are stiffing NAMA (and by extension the nation). None of this was really new and we didn’t need what looked like expensive covert filming or vaguely threatening background music , not to mention what is now the usual imagery of wealth, the upturned Bollinger champagne bottles, the crystal cut glass champagne flutes, cognac glasses and a bunch of well-fed developers playing Monopoly on the top floor of an unfinished office block – no we didn’t need any of this to confirm what has been reported elsewhere in detail. It is just about noteworthy that 12 months after NAMA finally came into being, developers whose debts are now owned by the State, still enjoy fantastic wealth whilst the citizens have contributed billions to recapitalizing the banks after losses on these loans.

    So you would have expected the programme to have given NAMA a hard time, particularly since the NAMA chairman Frank Daly did provide an interview. But for whatever reason the questioning was pretty light, for example

    (1) Yes NAMA may have initiated the voidance of the transfer of €130m of property (are those peak values or today’s by the way and are those properties subject to substantial non-NAMA mortgages and liens?) by three (yes, just three!) developers out of 850 developers whose loans have been absorbed. The value of this property is not to be used to set off against the debt now due though, it is to be used for future development. And by the way the €130m of property hasn’t all been transferred back yet – how long does it take to execute a conveyance? Seven days? Prime Time say there was “no evidence” of property being transferred to avoid creditors or NAMA.

    (2) NAMA has taken action against one developer (Paddy Shovlin’s partnership with the Fitzpatrick brothers). One action?

    (3) On the other hand NAMA is reported to have taken over all the rent rolls it can. The programme made much of the fact that NAMA occupies Treasury Buildings in the centre of Dublin and pays rent to its landlord (Treasury Holdings/Paddy McKillen) but is NAMA not using that rent to offset debts owed to it by the developers. Ditto with the Office for Public Works buildings including those owned by Liam Carroll and Bernard McNamara. The programme’s implication was that developers were still pocketing substantial rent whilst debts to NAMA went unpaid. But is that really the case?

    (4) And Prime Time could certainly have dug on the question of business plans. My information is that none have been signed by NAMA *and* the developer. NAMA say that 30 have been “approved”. What does that mean?

    Possibly the most newsworthy segment of the programme and it was over in a flash was a comment by Simon Kelly, son of Paddy Kelly who said (35:30 in to the recording)

    “I suppose I personally owe the banks about €200m on all the properties that have gone into NAMA. The Kellys will be, you know, €900m so like again under half of that portfolio, just under half of that portfolio will be on our combined shoulders. It’s a vast amount of money. We signed for the loans personally and that’s meant now our day of reckoning has come.”

    With NAMA taking over loans at an average 58% haircut, the clear implication is that the developers feel they are in debt to NAMA for what NAMA paid for the loans and no more. Perhaps that was the real revelation from last night’s programme but alas it went unexamined.

    Developers score €200,000 salaries from NAMA

    Developers score €200,000 salaries from NAMA

     Some of the country’s most indebted developers – some of whom now owe the state billions after their debts were taken on by the National Asset Management Agency – have agreed new deals with NAMA which will see the agency invest in their new dealings – and pay them wages of up to €200,000 a year.

    The deals, reported in today’s Sunday Times, mean that the developers – who owe between €1bn and €3bn – have been told they can pay themselves the bumper salaries as part of an arrangement which will see the agency split the profits on the sale or trading-out of some assets, once the developers’ performances exceed certain targets.

    The creditors are also to be allowed to keep their homes if the targets are met – but if such targets are not met, NAMA reserves the right to repossess their family homes and sell them off.

    The developers involved have also been told to cash in their pensions plans, which contain millions stockpiled in retirement funds, to be used as working capital for their businesses.

    This slideshow requires JavaScript.

    Developers involved include Treasury Holdings owners Johnny Ronan and Richard Barrett, Liam Carroll, Seán Mulryan of Ballymore, Bernard McNamara and Joe O’Reilly.

    A NAMA spokesman told the Sunday Times that the business plans submitted by the developers which required agency approval had run into thousands of pages in some cases, and that all had substantially reduced their office overhead expenses.

    While the spokesman would not speculate on the individual salaries being paid to developers, he said they had seen their wages drop by between 50% and 75%.

    Central Bank report for Quarter 2

    Just more lies?
    Central Bank report for Quarter 2, NAMA’s resident and non-resident borrowers
    namawinelake :
    source http://namawinelake.wordpress.com/2010/07/31/central-bank-report-for-quarter-2-nama%e2%80%99s-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!
    Liam Carroll
    Bernard McNamara
    Sean Mulryan
    Derek Quinlan
    Paddy McKillen
    Treasury Holdings
    Michael O’Flynn
    Joe O’Reilly
    Gerry Gannon
    Gerry Barrett
    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.

    Banks await loan acquisition schedules

    Nama has missed three deadlines as lenders and the agency struggle with complex valuations, according to


    source http://www.irishtimes.com/newspaper/finance/2010/0227/1224265277431.html

    NOW THAT the valuationshas signed off on the National Asset Management Agency (Nama), the delayed task of transferring the top 10 developers and loans of €17 billion can proceed.

    The green light from Brussels allows Nama to start buying loans with a face value of about €80 billion from five guaranteed lenders for an estimated €54 billion, though both figures could change.

    Preparatory work has so far proceeded slowly with the amount of paperwork connected to the top borrowers creating a bottleneck of information within Nama that its small staff and army of outside contractors are busy trying to process.

    Preliminary work has been slow as the lenders, and Nama, have struggled to deal with complex valuations in a market with no buyers, and grappled with tricky legal and financial due diligence on title and loan files, with dedicated teams of staff in each lender.

    Nama has missed three deadlines to process the transfers, the most recent being yesterday.

    March 5th has been set as the next deadline when the first transfers will begin, though not all of the loans connected to the top 10 will move on the day. Minister for Finance Brian Lenihan has said the top 10 borrowers will be transferred by the end of next month.

    As revealed first by The Irish Times last week, they are developers Liam Carroll, Bernard McNamara, Seán Mulryan of Ballymore, property financier Derek Quinlan, Joe O’Reilly, the developer behind the Dundrum Shopping Centre in Dublin; Paddy McKillen, owner of the Jervis Street Shopping Centre in Dublin; Treasury Holdings (which is owned by Johnny Ronan and Richard Barrett); Cork developer Michael O’Flynn; Dublin builder Gerry Gannon, co-owner of the K Club golf resort in Co Kildare; and Galway businessman Gerry Barrett, owner of Ashford Castle in Co Mayo and G Hotel in Galway.

    The financial institutions are awaiting acquisition schedules outlining the specific loans that Nama will acquire as well as the crucial “haircut” to be applied to each.

    Once known, this will allow the banks to assess the losses to be incurred on the discounted sales, which will trigger a requirement for capital to meet the shortfall.

    State-owned Anglo Irish Bank faces the most pressing capital need as it is moving the largest amount in the first wave – close to €10 billion of the €30-€35 billion it will eventually transfer.

    Allied Irish Banks is moving more than €3 billion in the first wave, Bank of Ireland over €2 billion, Irish Nationwide just shy of €1 billion and EBS building society about €150 million.

    The commission will assess the compatibility of the transferred loans as well as the actual transfer prices when they are passed on by the Government to Brussels. These reviews include mechanisms to allow for the claw back of money in case of overpayments.

    The lenders are already preparing the paperwork for the second and third waves of transfers, though they have pressed Nama to reduce the level of information demanded by the agency.

    Given the volume of paperwork and the scale of the sums involved, processing the top 10 borrowers will preoccupy Nama and the banks for most of next month.

    As with all complex transactions the devil is in the detail

    Two points that immediately spring out of this article is the inbuilt reviews that include a claw back facility on possible overpayments

    This will have consequences for the Banks balance sheets as this clearly implies a possible debt !

    The second point is that the banks seem to be reluctant to give full details and are pressing NAMA “to reduce the level of information demanded by NAMA”

    This cannot be allowed, under any circumstances


    Supreme court carrousel


    The seven companies, Vantive Holdings, Morston Investments, Villeer Developments, Paytor Developments, Carragh Enterprises, Parlez International and Royceton controlled by developer Liam Carroll, that had a second application for High Court protection refused last week are now going to appeal that decision to the Supreme Court again

    The group’s original application was turned down by the Commercial Court and the Supreme Court.

    Last Thursday, the High Court refused a second application for examinership by the seven companies.

    Has it occurred to anyone that we are seeing a pattern of behaviour here? Lisbon 1,

    Lisbon 2, Lisbon 3? Lisbon 4?

    For Liam Carroll
    it would seem if you don’t get the results you want just keeping going back again and again, everybody knows that this is just moving around the deck chairs on the titanic

    This is also making a mockery of the Supreme Court.

    The message is coming out loud and clear

    There is one law for the Rich and one law for the poor in this country .There is special treatment for the super rich and the poor are just kicked out of their homes dumped out on to the street

    I these crooks in the Dail manage to push through NAMA then I propose that all home owners in the country create one large housing association and then clam the same protection for all householders in the country this should stop all evictions and people who are about to lose their homes should be able to say to the banks to come back when the property market has recovered to the previous levels

    This should give the same protection that is being given to the Banks and developers to all the citizens of the state

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