for your attention…. Irish Times Today ….. The corruption continues …….
The National Asset Management Agency has confirmed that a company owned by partners of a UK investment firm have bought a 17 per cent stake in the agency’s holding company.
NAMAIL was established as an investment holding company to facilitate the participation of private investors in the project. The stake, whcih was bought by partners of Walbrook Capital, was previously held by Irish Life.
“The decision to invest in NAMAIL followed a careful assessment of the outlook for the Irish economy and in particular its property sector, which we believe is now close to stabilisation,” said Michael Keeley, senior partner of Walbrook Capital, in the statement.
The transaction has already been approved by the boards of Nama and NAMAIL.
The European Union’s statistics office Eurostat said today the sale of a stake in Nama by Irish Life meant the agency could be classified as a special purpose entityoutside the general government sector.
Irish Taxpayers are been shafted once again by well placed “insiders” and in the know .This Government has once again allowed outsiders to rape the taxpayers of this country.
Bend over “Paddy” your about to get another present from the collaborators in this Government.
Poor old Bernard was one of the first mega property developers to admit he had problems back at the start of 2010. Since then, the banks have been working through his outstanding loans. Receivers have since been appointed by the banks to his properties. In the past three months, three of Bernard’s hotels – the Burlington in Dublin, the Parknasilla in Kerry and the Cork International – have all been put up for sale. At NAMA too where Bernard is understood to be a Top 10 developer, the Agency has foreclosed on his loans, including loans on the former Irish Glass Bottle site in Ringsend in Dublin and the Elm Park development in Ballsbridge. And the last we heard of Bernard was that he was carving out a new……………….
full article at source: http://namawinelake.wordpress.com/2012/09/06/nama-sues-bernard-mcnamara-in-dublins-high-court/
The people of Claremorris in Mayo are happy today with news that a shopping centre in their town is set to be benefit from NAMA funding. The Silverbridge Shopping Centre is anchored by Tesco with a 50,000 sq ft store, and NAMA is reported to be funding clean-up works on the site including landscaping and laying new footpaths. Mayo is of course An Taoiseach Enda Kenny’s constituency.
The amount of funding from NAMA is not known but it looks modest. It may create a disproportionately large number of winners though….
fullarticle at source:http://namawinelake.wordpress.com/2012/09/04/nama-funds-work-on-shopping-centre-in-taoiseachs-back-yard/
NAMA isn’t saying, but according to RTE, the owner of the 63-house Glendale Estate in Tullow in Carlow was Glendale Estates Limited. And according to Iris Oifigiuil, the receiver, Jim Hamilton of BDO Ireland, was appointed to Glendale Estates Limited was at the behest of AIB in February 2011. AIB is one of the five NAMA participating institutions and the property in Tullow is a development property if ever there was one, which would place it in NAMA’s remit. Not only that, but the owners of Glendale include Anton Hunt and Paul Collins, and NAMA recently had receivers appointed to companies owned by these individuals eg Camion Developments Limited, Neidin Developments Limited.
On the other hand, the property is not apparently listed in the latest NAMA enforcement list, but as we have seen in the past, that list is riddled with errors.
The 63-house estate would have been worth €12.6m-plus at the peak if each of the 63 houses were fully completed and sold for €200,000 apiece. As it happens, the homes need kitchens, but will apparently still fetch €100,000 today when completed. There is also planning permission for an additional 58 homes on the 14-acre property.
full article at source: http://namawinelake.wordpress.com/2012/07/12/was-the-glendale-estate-sold-for-e10000-a-house-a-nama-sale/
English: A commercial property in Banchory Between Bridge Street and High Street; connected with Alzheimer’s care. (Photo credit: Wikipedia)
Jones Lang Lasalle (JLL) has today published its commercial property series for Ireland for Q2, 2012 – the report should be available shortly on the JLL website but for the time being, there is Jack Fagan’s report in today’s Irish Times. The JLL series is one of the two Irish commercial indices referenced by NAMA’s Long Term Economic Value Regulations (Schedule 2) and is used to help calculate the performance of NAMA’s “key markets data” shown at the top of this page. The other quarterly Irish price series is published by SCSI/IPD and will be available on Tuesday 24th July at 3pm; because it is generally published after JLL’s, it is not used here to help compile the NWL index, but the SCSI/IPD index does historically show a very close correlation with JLL’s.
The JLL Index shows that capital values fell in quarter one, 2012 by 2.3% – this means that with the exception of Q4,2011 Irish commercial property has declined in value for 19 of the last 20 quarters and the aberration in Q4,2011 when a 1.2% increase was recorded was due to the exceptional measures set out in Budget 2012 – the reduction in stamp duty on commercial transactions from 6% to 2%, the abandonment of proposals to abolish
full article at source: http://namawinelake.wordpress.com/2012/07/11/e166m-sliced-off-the-value-of-namas-irish-commercial-property-in-q2-2012/
For all you salespeople out there whose managers might be pressuring you to close sales, you now have a novel addition to the excuse manual courtesy of CB Richard Ellis (CBRE). Property services powerhouse and NAMA valuer, CBRE has just published its two-monthly review of the Irish commercial property market and it makes the observation that activity has increased but as a result of the infernal “forensic due diligence”, this activity hasn’t yet translated into actual sales.
The report observes that there is considerably more property coming onto the market, including from NAMA and its debtors. It is reported that the sale of the €27m David Arnold-developed One Warrington Place in central Dublin “has now signed and is due for completion shortly” – the buyer isn’t identified save to say it is a “US investor” but rumours abound that it is a company called Northwood which has made the purchase, after the previous purchaser, Prudential dropped out.
full article at source: http://namawinelake.wordpress.com/2012/05/01/forensic-due-diligence-being-blamed-for-holding-up-the-irish-commercial-property-market/
You would have thought this would be a quiet week for news reporting at NAMA, but it seems the Irish Independent has discovered a few nuggets which seem to cast NAMA in an uncharacteristically benign light. But stick the nuggets under a microscope and they start to look just a leeettle suspicious.
Yesterday the Independent reported that NAMA had “tipped-off” the Revenue Commissioners (Irish tax authorities) about “possible tax evasion” by “dozens” of the 850-odd developers whose loans NAMA is managing. Dig a little deeper and you will see that NAMA was doing no more than its duty in notifying suspicious transactions or assets to the Revenue; some or indeed many, of these suspicions might previously have been notified to the Revenue by the original banks – NAMA is not saying and the Independent doesn’t include such detail.
full article at source:http://namawinelake.wordpress.com/2011/12/28/post-christmas-spinning-classes-start-early-for-nama/
This state agency is nothing more than a gravy train for the insiders and political fixers who are milking this cow for all its worth and the taxpayers of the country are been sucked dry!We the citizens are been screwed and the government are fanning the flames of revolt!
“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 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
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!