Brian Lenihan got it right

Hewson

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https://www.rte.ie/news/business/2017/1012/911912-nama-debt/

Almost a decade on NAMA is to finally pay off the last of its debt, some €500 million, validating the decisions of one of the country's most maligned Finance Ministers in the wake of the financial meltdown.

Kudos to him, posthumously.
 


Man or Mouse

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Ask Johnny Ronan about that.
 

Marcos the black

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"Ok, so we may have set your house on fire, but at least we gave you a bucket of water to help put it out..."
 

Eoin Coir

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Lenihan was man who said funds would not flow out of Ireland cos we were an island !
 

Zapped(CAPITALISMROTS)

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"Ok, so we may have set your house on fire, but at least we gave you a bucket of water to help put it out..."

Well stated Marcos. Arsonists really (whether intentionally, or not) and not one, of the many culpable banged to rights....:mad:
Still a nasty, corrupt Republic in Oct 2017..
 

McTell

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No
https://www.rte.ie/news/business/2017/1012/911912-nama-debt/

Almost a decade on NAMA is to finally pay off the last of its debt, some €500 million, validating the decisions of one of the country's most maligned Finance Ministers in the wake of the financial meltdown.

Kudos to him, posthumously.

Not in my book. Nama was/is like a mega bridging loan to keep the value of property up. In the USA they would have let values drop, sell for whatever, write off loans and start again.

Debt plus interest? Must check the sums.

Next time use the money to credit all borrowers, slicing say 30% off every mortgage. Those who can't make it would never make it, and you foreclose.

Brian L was voted the worst finance minister several years running by the experts for very good reasons. When he started he said he looked forward to learning on the job! Never again.

Minister's Speech


Oh but you may have a chance to vote for Conor, who hasn't cost the country so much...

https://www.irishtimes.com/news/politics/conor-lenihan-talking-to-fianna-fáil-about-european-election-run-1.3209389
 

GDPR

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https://www.rte.ie/news/business/2017/1012/911912-nama-debt/

Almost a decade on NAMA is to finally pay off the last of its debt, some €500 million, validating the decisions of one of the country's most maligned Finance Ministers in the wake of the financial meltdown.

Kudos to him, posthumously.
He did a good job generally, none of it was his fault personally, he wasn't helped unfortunately by Brian Gowen, he was on his own and NAMA was the way to go at the time.
Would have been a lot better too, saved us 10 billion + more, if FG, the back stabbing swine, had not for party political reasons gone running off to the EU to have it watered down.

The screamers at the time you can understand, that's what they always do, scream and get it wrong, but FG should have known better and put the country first.
 

Hewson

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Not in my book. Nama was/is like a mega bridging loan to keep the value of property up. In the USA they would have let values drop, sell for whatever, write off loans and start again.

Debt plus interest? Must check the sums.

Next time use the money to credit all borrowers, slicing say 30% off every mortgage. Those who can't make it would never make it, and you foreclose.

Brian L was voted the worst finance minister several years running by the experts for very good reasons. When he started he said he looked forward to learning on the job! Never again.

Minister's Speech


Oh but you may have a chance to vote for Conor, who hasn't cost the country so much...

https://www.irishtimes.com/news/politics/conor-lenihan-talking-to-fianna-fáil-about-european-election-run-1.3209389
First off, and as Tonic will tell you, I'm not a Fianna Fail fan.

Secondly, there's no point in looking to the US for what they might have done, any more than there's much point in comparing our army to theirs. The US economy can withstand the hardest of knocks because it's incredibly diverse and the country is rich in natural assets.

We all cursed the bank bailout and it came with a string of injustices for which we're still paying.

The alternative was to let the banking system implode and the property market go into meltdown. If that HAD happened the current rebound would be a far-off pipedream and the government's ability to raise money on international markets would be severely impaired.

Like it or not, our ability to repay what we owe is why our bond yields are so low, and that's down to decisions made in the heat of the crisis.
 

roc_

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So, scenario A (the one which has panned out, as per the OP) means that current generations and future generation become increasingly indentured to pay for their housing, and the prices of everything goes up since high rental and housing overheads need to be priced into everything. Also note that this 'scenario A' owes its 'success' to a hitherto unprecedented level of market rigging.


[video=youtube;pWlz1IKWfw4]https://www.youtube.com/watch?v=pWlz1IKWfw4[/video]


NAMA was essentially set up to ring-fence profits made on the back of Irish land, and promises of future labour, either by driving the value of land back up to near its previous levels, or by forcing the taxpayer to make up the short-fall. - 'Win-win'.

So, sure, they have managed to drive back up the value of land. But the point should be made that NAMA being "profitable", entails this "profit" essentially being made on the backs of younger generations who have yet to buy property. Sure, the profit NAMA makes gets the "taxpayer" in general off the hook.

(In my opinion, the "taxpayer" should have paid. It was much more "the taxpayer's" democratic will that was expressed in 1997, 2002, and 2007. Not that of younger generations yet to come to maturity. )


EDIT:
Mike Soden said:
"The purpose of New Co (NAMA) is to create an entity that is accredited with placing value on property in Ireland," says Soden...
... "This company will then become the principal marketplace for buyers and sellers in the future"...
..."When the market recovers New Co (NAMA) can be unwound as we return to a traditional free market situation"...

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
 
Last edited:

roc_

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..."When the market recovers New Co (NAMA) can be unwound as we return to a traditional free market situation"...
:
And heralding this return to a " traditional free market situation" is budget 2018 and its shortening the holding period of property investments made after December 2011 from 7 years to just 4 years - effectively bringing the vast majority of these investments to maturity. I.e. They get to keep their exemption from Capital Gains Tax (CGT) by holding on for only 4 years rather than 7 years.

In parallel with this, commercial stamp duty has been increased from 2% to 6%! So the consequence is that these institutional investors who swooped in at the bottom of the market get rewarded with abnormal profits tax free for a shorter investment period, and the Irish end users get to pay an increased rate of tax, massively rewarding that speculation.

Anyway, it will bring a flood of property onto the market now. So yes, "success" in a way.
 

tipofdiceberg

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"Ok, so we may have set your house on fire, but at least we gave you a bucket of water to help put it out..."
http://jrnl.ie/3643342

Tell that to the 30,000 plus tracker mortgage customers, some who have lost their homes, lives and families.
The Central Bank say it is ONLY 15,000 customers but as usual the politicians, AGS, banks, HSE and the CSO are useless at arithmetic and insist on using the FG spin doctor, Dr James Reilly's, "Logistical logarithmic progression method".
 

Aindriu

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Toland

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Brian Lenihan Jnr never deserved nor got that much of the blame for the mess Fianna Fáil got us into (apart from his membership of the government and party that did the damage).

The two people who were mainly given the blame deserved it: Bertie Ahern and Brian Cowen.

A third person escaped much of the blame he richly deserved: Charlie McCreevy.
 


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