NAMA funds work on shopping centre in Taoiseach’s back yard

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’s negative equity mortgage product

By Namawinelake

The NAMA CEO, Brendan McDonagh delivered a speech to the Irish Council for Social Housing (ICSH) in Salthill this morning in which he gave further details of the NAMA negative equity mortgage product. It is, said Brendan, hoped that the new mortgage product will be trialled in Q4, 2011 (which starts in a couple of days) and Q1, 2012 and will cover 750 properties initially. There have been discussions with AIB, Bank of Ireland and Permanent TSB but Brendan wasn’t giving any further details this morning. There is strong speculation that the negative equity product will resemble the product launched by financial services group, IFG three weeks ago.

full article at source: https://mail.google.com/mail/?hl=en&shva=1#inbox/132b0038b4376782

Has Queen Elizabeth II been NAMAed?

Image via Wikipedia

By namawinelake

Probably not, but a development on her property apparently is subject to a NAMA loan It seems that Ascot Racecourse in England had obtained a GBP 200m (€230m) loan from Allied Irish Banks (AIB) to develop a grandstand at the world-famous horse-racing venue. The grandstand is a major building development which incorporates shops and restaurants and its development in 2004-2006 is outlined here. Britain’s Independent todayreports that the loan was “among all the dreadful dross that has been dumped on to NAMA” but also claims that it is being paid off early – a winner for NAMA.

full article at source: http://namawinelake.wordpress.com/2011/09/27/has-queen-elizabeth-ii-been-namaed/

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CSO residential property indices for August 2011

By namawinelake

This morning has seen the publication of the sixth CSO residential property price indices forIreland. The inaugural series was published by the CSO on 13th May 2011 and covered the period from January 2005 to March 2011. This morning’s release covers the month of August 2011. Here’s the summary showing the index at its peak, November 2009 (the NAMA valuation date), August 2010 (12 months ago), December 2010 (end of year, start of this year) and August 2011.

full article at source:http://namawinelake.wordpress.com/2011/09/26/cso-residential-property-indices-for-august-2011-published-%e2%80%93-declines-continue-across-board-with-6-monthly-decline-in-dublin-apartments/

NAMA sets up dedicated contact email address for politicians

Namawinelake tell us in its latest posting the following

By Namawinelake

Three weeks ago, it was reported on namawinelake  that Wicklow independent TD Stephen Donnelly had managed to prod NAMA into getting a move-on with examining the developer business plan which covered Greystones Harbour, which is being developed by Sispar. And last week, another Wicklow TD, Fine Gael’s Simon Harris reported some success of his own in his communications with NAMA.

In the recent Tidy Towns competition – for the non-Irish audience, “Tidy Towns” is an annual competition, run since 1958, that promotes clean, litter-free, well-maintained towns and villages throughout the country –  Greystones was criticised for the poor state of one of its buildings, the former La Touche hotel.

full article at source:http://namawinelake.wordpress.com/2011/09/22/nama-sets-up-dedicated-contact-email-address-for-politicians/

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Noonan to use Anglo promissory notes to deflect focus from Anglo bonds.

By Namawinelake

When Professor Morgan Kelly re-ignited the debate about debt forgiveness on 18th August, 2011 something strange happened in the aftermath. Out of nowhere came the announcement of a report being produced by a “mortgage expert group” by the end of September 2011. No-one seems to have previously heard of this group though the group’s title was practically the same as another group which had produced a report in 2010. But that 2010 group had done its job, delivered its recommendations and disbanded. This new “mortgage expert group” seems to have mushroomed up overnight and if you were cynical you might say it was a knee-jerk response to headlines on debt-forgiveness, and that the “end of September” report was an attempt to deflect focus away from politicianswho were, after all, still on the beach with their spades and buckets. Cynicism was only increased by the Government failing to give even the most sketchy of details about the work of the new group – its members and expertise, terms of reference, deliverables

full article at source: http://namawinelake.wordpress.com/2011/09/17/noonan-to-use-anglo-promissory-notes-to-deflect-focus-from-anglo-bonds-confused-maybe-that%e2%80%99s-the-idea/

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1,500 people emigrating every week (Namawinelake)

By Namawinelake

Ireland’s Central Statistics Office (CSO) this morning released its population estimates for April 2011. Given that we had a census in April 2011 and preliminary results released in June, we already knew that the population had grown by 8.1% (341,421 people) in the past five years from 4,269,848 to 4,581,269. So the CSO release this morning with its estimate of 4,484,300 for April 2011 looks a little ridiculous because we have the actual numbers; but the reason for the difference is down to the CSO’s method of estimating population change from year to year. In simple terms, the CSO undertakes a quarterly survey of households every quarter and uses that survey of a sample of the population to extrapolate totals for the entire country.

read full article at source:http://namawinelake.wordpress.com/2011/09/15/1500-people-emigrating-every-week-though-800-per-week-immigrate-dublin-population-falling/

TD succeeds in prodding NAMA into action on developer business plan

By Namawinelake

Remember when NAMA was a glint in economist Peter Bacon’s eye? Way back when the Department of Finance was, according to Wikileaks, hinting that the haircut on loans would be closer to 50%? And when one of the greatest concerns was that this colossal new agency, the biggest quango in Irish history, would fall prey to cronyism and the sort of skulduggery that has long been a feature of public life in this country? This concern was going to be countered by strict NAMA anti-lobbying legislation that could land you in prison if you set out to corrupt NAMA’s purpose. And so it came to pass that section 221 of the NAMA Act tried to put pay to the gombeenism that has characterisedIrish life for decades if not centuries.

read full article at source :http://namawinelake.wordpress.com/2011/09/07/td-succeeds-in-prodding-nama-into-action-on-developer-business-plan/

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Comment:

Cronyism is alive and well under Fine Gael and Labour too I see!

Battersea Power Station for sale by NAMA?

By Namawinelake

Actually the Battersea Power Station (BPS) isn’t in fact owned by NAMA, it is only subject to loans from NAMA (and Lloyds bank and Chinese property magnate Victor Hwang and others). And it is presently valued at between GBP 300-500m which is less than the Dundrum Town Centre, owned by Joe O’Reilly’s Chartered Land, which might be worth €600-800m today. But when developed the BPS was expected to be worth GBP 7bn.

full article here :http://namawinelake.wordpress.com/2011/08/23/for-sale-nama%e2%80%99s-most-expensive-asset/

 

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Irish auction roundup

By Namawinelake

Even though the Allsop Irish auction website was this morning displaying a message saying “our next Irish auction will be held on the 30th November 2011” a representative of Space, Allsop’s local partner, says that the catalogue for the 23rd September 2011 auction will be available later today or tomorrow as details are just now being finalized, and the auction will be going ahead exactly as planned. The publication of the catalogue is two days after the date which had previously been publicized.

full article at source here:http://namawinelake.wordpress.com/2011/08/22/irish-auction-roundup-%e2%80%93-large-scale-auctions-to-be-around-for-the-%e2%80%9cbest-part-of-a-decade%e2%80%9d/

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