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Posts tagged ‘No 2 NAMA campaign’

The money merry-go-round that is Anglo- NAMA

Has NAMA received a bailout to cover almost €300m of interest payments due 7 days ago?

By http://namawinelake.wordpress.com/author/namawinelake/

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?

Comment

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.

“Selling off state assets on the cheap is just madness”

David Mc Williams
latest posting

“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
Comment :
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

They Didn’t Share the Wealth!

They Didn’t Share the Wealth
There is no money left in Ireland. At least that’s what you might think after listening to Brian Cowen, Enda Kenny, IBEC and the parade of capitalist economists and pundits who parrot this nonsense. Yes, we are heading into a deep recession but guess who is expected to pay the cost?

The Government has no problem finding money to bail out bankers and speculators, it’s only when cash is needed for special-needs teachers, the sick, or to improve run-down schools and hospitals that nothing can be found. The attack on pay & pensions is class struggle by employers and the government against working people.

It may sound old-fashioned to talk of class struggle, but what else do you call it when one class wants to preserve its wealth at the expense of the other class? When private sector workers see 90% of pension funds they paid into for years going down the tube, Brian Goggin of Bank of Ireland thinks he is hard done by because he will “take home less than €2 million” this year.

We had a financial regulator, Patrick Neary, who waltzed off with a golden handshake of €600,000 and a pension of €140,000 per year. That pension alone is the equivalent of what four workers and their families on the average industrial wage live on. And what did Neary do to deserve this, apart from turning a blind eye to massive financial ‘irregularities’ in the banking industry?



Workers in the public service are told to suffer a €1.4 billion cut in wages, those on €35,000 will see their pay cut by €43 a week. Yet the wealthiest 1%, with €87 billion in assets, pay nothing at all. To add insult to injury the government has torn up the Public Sector Pay Agreement, denying 260,000 workers their small but agreed pay increases.

At the same time billionaire businessman Sean Quinn can lose €1 billion and say it’s no problem “you win some, you lose some”. When you have an annual income of €500 million that’s very true!

IBEC’s aim is to reduce Irish wage rates and to make us think that a reasonable pension in old age is a privilege rather than a right. The attack on the public sector is just the start. Private sector wages are being driven down too. Even the Minimum Wage of €8.65 an hour is criticised as too high by Fianna Fail ministers like Billy Kelleher, who ‘earns’ a cool €139,266 before expenses (and that’s after his 10% cut).

Their goal is to subject working people to a Thatcher-style defeat. They want wholesale wage cuts across the economy. If we don’t fight back they will keep coming back to take more out of our pay packets, close down more of our services and give our children a lower standard of living than we had. The rich are good at looking after their class interests – we should take the same attitude. They didn’t share the wealth in the Celtic Tiger years, why should we share the pain today?
source http://www.wsm.ie/news_viewer/5304

We are constantly been lied to, by these gangsters!

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 !

New reserve currency

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!

Don’t believe Cowen’s lies!


The economy has reached a “turning point” with the worst now over, The Unelected  Taoiseach Brian Cowen said.

How many turning points have we now turned ? anymore and we will all get dizzy!

Get real ,things are getting worse! talk to the 556,000 now on the dole scrapheap!

Talk to the social welfare recipients, expected to live on a fraction of the money you and your band of gangsters in the Dial are creaming on expenses!

Tell that to the unfortunate sick citizens lying on trolleys and are been denied basic services in the hospitals of the country that you and the criminal Harney are still advocating more cuts for!

In an address to a Fianna Fail meeting in Athlone,Cowen said the challenge is to now move with confidence and ambition into a new phase of recovery and renewal. (This is just political tripe)

The Unelected Taoiseach said Ireland was returning to growth and seeing an upturn in confidence.

“While we face another difficult budget ahead,(Code for more social welfair cuts,an easy target) for the Irish economy the worst is now over,” he said.

Mr Cowen said creating jobs was the backbone of the Government’s economic strategy.

He said Enterprise Ireland was working to create 40,000 jobs over the next five years, (8,000 each year) which would lead to an additional 28,000 jobs elsewhere in the economy.

Don’t believe the tripe coming from this gangster; I cannot believe the figures coming from the so called poll either!

This gangster and his cronies in the Dail have plundered this country and he and the other economic traitors deserve to be hanged for what they done

People of Ireland do not believe the vested interests who own the national news papers

They are afraid of a people’s government one that will bring real hope for the futures of all of us now consigned to the scrap heap by Cowen and his band of gangsters

Don’t be fooled by cowen’s pals in the news rooms

Help get these, the real leaches off our backs!

Support the demonstrators outside the Dail next Tuesday at 19.00 hrs and let your voice be heard

we want a General election Now!

 

Billions for NAMA and sod the rest of us!

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