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/
It’s been quite a few weeks since NAMA initiated legal action in Dublin but yesterday the Agency was back in action at the High Court where an application was made against 11 individuals. The case reference is 2012/7029 P and the objects of NAMA’s attention this time are the following – Elaine Flynn, James Flynn, John Flynn Snr, John Flynn Jnr, Merlin O’Reilly, Patrick O’Reilly, Rita O’Reilly, Sarah O’Reilly, Michael O’Reilly, Peter Wilson and Philip Dinkel. As is usual with recently-made applications, there are no solicitors on record shown for the respondents. The Flynns have developed commercial property in Ireland and the UK, often in partnership with other major developers like the McCormacks and the Kellys.
The plaintiff is both NAMA and National Asset Loan Management Limited and both are represented by Matheson Ormsby Prentice, the law firm which apparently told Anglo that loans extended to the Sean Quinn children to buy shares in the bank were lawful. The inclusion of NAMA in the plaintiff may indicate the matters to be examined are serious.
full article at source: http://namawinelake.wordpress.com/2012/07/18/nama-sues-11-individuals-in-dublins-high-court/
“About this time Mr McDonald [Bank of Scotland (Ireland)] told Mr Walsh that he was coming under considerable pressure to lend more money due to increased lending targets imposed by the bank and the bank was keen to expand the loan book to key customers and Mr Walsh was identified as a key customer or a preferred customer. Mr McDonald advised that the bank had received particulars of Direct Line House in Leeds and it was proposed that Mr Walsh should acquire this property.” Extract from Northern Ireland High Court judgment Chris Walsh v Bank of Scotland (Ireland).
Will this nation ever forgive developers for having racked up colossal lending, which, when the State decided to guarantee the banks and use NAMA to acquire the lending, fell on our shoulders in circumstances where the loans will never be fully repaid because of the collapse in property prices? Maybe we will, but in a judgment delivered in Belfast’s High Court in April this year which has just now been published, we get an insight into lending practices at banks which seemingly show that there are two sides to the lender-borrower relationship.
full article at source:http://namawinelake.wordpress.com/2012/07/06/northern-ireland-court-case-sheds-light-on-irish-banks-lending-practices-during-the-boom/
No matter how much NAMA or Minister Noonan try to evade the reality of NAMA having deliberately over-paid for the €74bn loans acquired from the banks – remember the Comptroller and Auditor General recently reported that NAMA had paid €5bn in state-aid so far, and that figure is set to rise further as the due diligence is completed on the remaining 20% of NAMA’s acquired loans – and no matter how much NAMA and Minister Noonan try to talk up the prospects for the property market or minimise the fact that property prices in NAMA’s main market, Ireland, have dropped 22-30% since November 2009, the date by reference to which NAMA valued its acquired loans, the hard fact is NAMA is sitting on what most ordinary people would regard as a paper loss that is now in view of €10bn
full article at source: http://namawinelake.wordpress.com/2012/06/22/the-only-way-well-uncover-the-true-level-of-losses-in-nama-today-is-to-create-a-brand-new-nama-to-acquire-the-loans-from-the-old-nama/
Well it didn’t take long for this insider to start flying this kite, calling for the sale of the worlds largest property portfolio to private faceless investors is just the pits. Of course the property market is still on its knees and there is no better time for Faceless capitalists to get involved as the Irish taxpayers have been carrying the can for four years and taken all the losses of course .Just like Eircon ,we the taxpayers are about to get shafted once again .Mr Bacon has made a nice life as an advisor with the Fianna Fail government and certainly hasn’t done the Irish taxpayers any favours in the past! Mr Bacon has presumably been paid for a so called report ,commissioned by none other than Treasury Holdings and at the same time isn’t NAMA suing this same company because of questionable sales of shares in that same company?
“The report looks at the economy and it urges the adoption of alternatives to current economic policies .Mr Bacon says that a key to stimulating domestic demand is growing consumer confidence, and a key to growing consumer confidence is getting the housing market working again”
Wrong Mr. Bacon ! It’s getting Jobs and job security, up-skilling of the unemployed, and investment in education, and infrastructure. Helping your paymasters get the property bubble going again is not the answer to Ireland’s economic troubles. In Germany the vast amount of people are renting and the economy is booming!
source and full article :http://namawinelake.wordpress.com/2012/04/14/the-nama-top-30-developers-where-are-they-now/
I’m pretty sure you won’t be seeing them in your local dole office anytime soon more likely they are sunning themselves on the cot azure. How many of these bright sparks are getting paid Euros 200,000 from NAMA ???
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!