Has NAMA received a bailout to cover almost €300m of interest payments due 7 days ago?
It came as a surprise earlier this year that NAMA was given a €250m “recoupable advance” authorised by the Department of Finance. This was in addition to the €49m state investment in the NAMA special purpose vehicle and €51m of private investment in the same. When responding to Richard Bruton’s question in the Oireachtas which prompted the revelation of the €250m advance (though the next day it was confirmed in the May Exchequer Statement) Minister for Finance Brian Lenihan said “The second [payment to NAMA – the first being the €49m capital payment to the NAMA SPV] was an advance of €250 million, which must be repaid to the Central Fund by 31 October 2010, to provide the Agency with a liquidity buffer to meet working capital demands pending the establishment of its own funding programme”. So next month NAMA is expected to repay €250m.
Of course NAMA was required to pay on 1st September, 2010 the coupon on its NAMA bonds and a rough estimate is that it needed to pay €290m (see below). The €290m is probably an underestimate as it appears NAMA has been transferring tranches in, erm, mini-tranches and the dates shown are the dates when the total tranche has been declared transferred. Luckily for NAMA, the first coupon on the subordinated debt is only payable on 1st March 2011 – I say luckily because the subordinated debt has quite a nasty rate of interest at the 10-year government bond rate – that’s the one that’s at 6.1% today – plus 0.75% – if banks are getting 7% per annum on subordinated debt for 10 years then why not having the debt honoured at the end if NAMA makes a loss might not be such an issue?
These type of moneys are regularly transferred to NAMA and believe it or not Anglo Irish Bank as well
Is there anyone asking the questions why we are paying these huge sums out to an entity that has no idea what to do with the countless of boxes of documents coming from the Banks that are supposed to contain the relevant deeds and convaincing documents needed to show ownership of property and any outstanding charges on the properties concerned .
I am reliably informed that this documentation is no where near complete and the question has to be asked why are NAMA paying for property that has no proper documentation?
At this stage we the taxpayers may have an even bigger problem on our hands if we are taking control of property that has no proper convaincing, no proper or up to date deeds and that may in most cases have been compromised by having multiple charges already over the same properties
Of course the banks are delighted to be rid of such toxic assets.
David Mc Williams
“Selling off state assets on the cheap is just madness”
The logic of NAMA and this Government’s central strategy is to wait for the value of land to improve before selling.
Whether you agree with it or not, this is their logic. It can be summed up by: “Don’t sell land in a depressed market.”
Yet at the same time, the Government has just announced that it will sell real assets via privatization in a similarly depressed market. So why can it sell ESB — a real company with real assets — and not a field in Athlone which is worthless and should command the price a farmer would pay you to put a donkey grazing on it?
Why is it imperative to sell proper state assets and inconceivable to sell useless land?
full article here http://www.davidmcwilliams.ie/2010/07/28/selling-off-state-assets-on-the-cheap-is-just-madness
David does have a knack of asking the right questions but I fear this, along with most of his other questions will remain unanswered.
The Finnia Fail /Green government has an attitude problem, and the shear arrogance toward the ordinary citizens of this state is just astonishing!
They have been in power for so long they now believe they have a god given right to their Dail seats and the opposition suffers from the same illusions.
With Labor now claiming the top prize of the Taoiseach’s Office, Enda Kenny dancing around the K-Club accepting the homage from the country’s top NAMA bound developers and at the same time claiming and acting to be Taoiseach in waiting!
What about the Jobs promised in the Lisbon Treaty?
Where is the jobs strategy, two years after the collapse of the Irish economy and billions powered down the toxic black hole(NAMA), nothing has been done to tackle unemployment
500,000 people are effectively dumped on to the scrap-heap and its time they united and took steps to voice their grievances
125,000 have emigrated and another 200,000 heading the same way
This has to be gross dereliction of duty by the current government
The opposition are incompetent and this is why the gangsters in Government t are able to get away with their proposed plunder of what’s left of the Nations assets
Don’t let them get away with this take action to-day get organized in your local area
Time for talking is over we need to take action! Ireland hasn’t got another two years with these gangsters in charge!
It’s time to show these squatters in the Dail that the people will decide and a new political reality is about to emerge from the citizens of Ireland and the message is
We want change, we want accountability from our politicians ,we want those responsible for the destruction of our state to face justice.
The notion of business as usual is over for good.
The Dail family dynasties must come to an end, Gombeenisim must be brought to an end
These squatters in the Cabinet must not be allowed to benefit from their economic terrorist activities
Selling off what is left of the Irish states family silver at this time is just plain criminal
And like all criminal acts under current Irish Law the perpetrators cannot benefit from their criminal deeds
Consequently their assets and bolted pensions must be confiscated and returned to the people of Ireland
Remember this Assurance from Minister for Finance Brian Lenihan
In light of what we now have paid into Anglo how can anybody believe anything this man says
He has obviously lied to the people of Ireland along with Cowen
|Anglo Irish Bank to be nationalised; Europe’s most successful bank during Irish property bubble becomes its biggest casualty
By Finfacts Team
Jan 16, 2009 – 3:45:36 AM
|From Anglo Irish Bank’s Annual Report 2006
Minister for Finance Brian Lenihan announced that the Government was taking “steps that will enable the bank to be taken into public ownership”.
Lenihan said he received assurances from the Financial Regulator and Central Bank that the company is solvent.
The State was due to take control of 75 per cent of the bank after announcing a plan in December to provide €1.5 billion in public funds. An extraordinary general meeting of the bank’s shareholders was scheduled for this morning and is still set to go ahead.
Lenihan said at a press briefing, that as the bank’s funding position has been weakened, and its reputation damaged as a result of a recent scandal, recapitalisation alone would not guarantee its future viability.
“There is no need to do that in the context of a nationalised institution because it is under total State ownership”, said in relation to a State-funded injection, signalling that public funds of less than €1.5 billion would be required in the short-term.
We have now powered 22.5billion into this Toxic Bank and Lenihan or Cowen still can’t tell the Irish Public how many more billions are going to be dumped into this Black hole
We need to dispose of these two bungling idiots!
We will not go gentle into the night!
Call a General Election now !
This is big trouble for the USA
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.
The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.
New reserve currency
We in Ireland are still bailing out bankrupt banks at the cost billions we don’t have causing economic depression for this and the next generation!
With 52 thousand students coming out of our universities and no jobs to go to
alone along with 100,000 people all ready left the country ,and another 53 thousand students leaving secondary education this year
How many of them are going into apprenticeships, jobs or is it emigration for the majority for them
The Unelected Cowen and his band of economic terrorists are helping the top bankers of the state live it up while the rest of us struggle to pay our monthly bills
I say let the bankrupt banks pay their own bills and allow them to fail, just like the Americans are doing in the land of Free markets
Allowing the crooks in the Dail to plunder our natural resources and the wealth of future generations is a crime I personally do not want to be responsible for, when our children ask what you did to prevent it I can show I was active in my opposition and I made a stand
What can you say you did??
It is the responsibility of each and every one of us to oppose this band of thieves we must stand up and take action
Do not just stand by and allow our country to be destroyed by the current government who have sold out to the faceless bondholders in Germany , France and England
Stand up and Fight back now!
Put yourself up for election do not give you vote to any of the current TD’s
We need new blood in the Dail and not Family dynasties
We want a general election now and we need a new community party made up of new local people from ordinary backgrounds that will work for an average wage and not clock up huge self given perks, ending up as millionaires while the rest of us struggle to pay for these perks & pensions
We need real servants of the people and not leach’s sucking the rest of us dry like some of the current shower of TD’s are doing
The next general election must end Gombeenisem for good.
Promise yourself this and we just might save Ireland!
There may be a demo at the Anglo Irish Bank HQ again to-morrow morning anybody know anything about?
source photo http://www.indymedia.ie/article/96714
Shell to Sea activists occupy Dept of Energy/Resources – Today’s protest location today changed!
by Kev – S2S
Fri May 21, 2010 16:17
I have just received a phone call from a Dublin Shell to Sea activists saying that four members of DS2S have occupied the Dept. of Communications, Energy and Natural on Adelaide Road. They have chained themselves to a stairwell inside.
They are now calling for people to go down and support them. Also, the location of the planned demo to mark Pat O’Donnell’s 100th day in prison at 5pm today has now changed from outside Shell HQ on Leeson St to outside the Dept of C,E & NR on 29 – 31 Adelaide Road, Dublin 2 (its very near the original location anyway).
See you all there.
More information at http://www.indymedia.ie/article/96714
Earlier today campaigners with Shell to Sea entered the Department of Communications, Energy and Natural Resources drapped in chains and locked together to mark the 100th day of the imprisonment of Erris fisherman Pat O’Donnell. This action is part of a national day of protest which includes a protest outside the HQ of Shell on Leeson street, only 50m from the Department of Communications, Energy and Natural Resources. A public protest starts at 5pm tonight at Shell HQ just across the road from the department.
Full article link http://www.wsm.ie/c/occupation-department-communications-energy-resources