We the people have lost all confidence in the this political system and the economic terrorists/Traitors need to be brought to justice
Not one figure Brian lenihan has told us has been true, he is a compulsory liar and so is Brian Cowen they are a disgrace to the Nation.
The Bond Markets don’t trust a word that they say nor should we the Irish People .
They are still not telling us the truth nobody believes them !
Why havent we got any people with backbone to push them aside ,they have betrayed their duty to the irish constitution
Will we the ordinary people have to get up and do the job ourselves??
Mr Lenihan said today the cabinet had discussed the issues surrounding the establishment of Nama.
In light of to-days news that 46 economists expressed grave reservations about the government’s NAMA proposals. He rejected arguments put forward by these economists in The Irish Times today
In that article, the economists said Nama is expected to transfer about €90 billion of loans from the banks. In exchange, the banks will receive a percentage of this value in the form of bonds which can then be exchanged for cash at the European Central Bank.
They said it was “clear that the Government will pay significantly above market value for these loans”. Current estimates are that the State may issue agency bonds worth upwards of €60 billion in total for the €90 billion book value, the economists claimed. That would be a 30% discount when everybody looking at property prices alone in Dublin can see that a 70% drop is the average that is being experienced.
I personally can vouch for these figures.
He said today’s article was “based on an assumption that the Irish property values have fallen by 75 per cent”, which was incorrect. Mr Lenihan when is the last time you wanted to sell a house ,I have being trying to sell a house in city centre for the last 8 months and I can categorically state that this percentage drop is correct .
The Minister said there was a “proper, professional job being done” on the valuation of the assets, prior to their transfer to Nama, and this was being carried out by Hong Kong and Shanghai Bank and John Mulcahy.
What do the Hong Kong and Shanghai Bank know about the Irish property market and what are they being paid?
Mr Lenihan rejected the suggestion that the banks be 100 per cent nationalised and said this had not been attempted in any other country.
Talk about the blind leading the blind!
Mr Brian Lenihan said today NAMA may lead to the government taking bigger stakes in the financial institutions.
Should the losses of the banks be on a very large scale, a “substantial stake” would have to be taken, the minister said. The valuation of the assets will be based on a “long-term valuation which is realistic,” he said, adding in some cases that means land will never go beyond its agricultural value.
“Of course if the consequence of the valuations is that the banks suffer losses which destroy their capital base then of course of necessity the State will have to provide that capital and increase the public stake in the institutions concerned,” The minister said he doesn’t expect to nationalize the institutions “in their entirety.”
Examples of double talk “Long-term valuations”, “go beyond its agricultural value”,
“In their entirety.”
What we are hearing here is that Mr.Lenihan hasn’t got a clue!
Since the last time the Minster bought a stake in the bank’s the share price of these Banks have gone up at least 9 fold and the value of the States shares are still the same, because the minster has a clause in the agreement with the banks, for them to buy the States shareholding back at the purchase price the state paid for them
So there is no upside for the Taxpayers
Who is kidding who?