Last week's NAMA sales - 1.5 Bn is yours for 450m

McTell

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No
Roll up, roll up, to little ole Dublin town for the best discounts in the world... 2/3 off the label price....


If the state is happy to take 1/3rd on Irish crisis debts, then - for next time - reduce all mortgages by 2/3rds and give the break to the guys at the bottom of the heap.

Next time? Yes we've seen this before.

If a cash buyer sees value at 450m, then you can say 500m or so. Economics is so complicated isn't it?


NAMA sells

The National Asset Management Agency (NAMA) has sold a portfolio of loans, that were originally valued at €1.5 billion, for €450m to US investment firm Colony Capital.
The State agency was paid for the assets today.
The portfolio comprises loans linked to developers and investors Paddy Kelly, John Flynn, and the McCormack family, who owned property investment group Alanis.
 


T

Toowoomba

Roll up, roll up, to little ole Dublin town for the best discounts in the world... 2/3 off the label price....


If the state is happy to take 1/3rd on Irish crisis debts, then - for next time - reduce all mortgages by 2/3rds and give the break to the guys at the bottom of the heap.

Next time? Yes we've seen this before.

If a cash buyer sees value at 450m, then you can say 500m or so. Economics is so complicated isn't it?


NAMA sells

The National Asset Management Agency (NAMA) has sold a portfolio of loans, that were originally valued at €1.5 billion, for €450m to US investment firm Colony Capital.
The State agency was paid for the assets today.
The portfolio comprises loans linked to developers and investors Paddy Kelly, John Flynn, and the McCormack family, who owned property investment group Alanis.

Were you the underbidder? :D
 

TheWolf

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Roll up, roll up, to little ole Dublin town for the best discounts in the world... 2/3 off the label price....


If the state is happy to take 1/3rd on Irish crisis debts, then - for next time - reduce all mortgages by 2/3rds and give the break to the guys at the bottom of the heap.

Next time? Yes we've seen this before.

If a cash buyer sees value at 450m, then you can say 500m or so. Economics is so complicated isn't it?


NAMA sells

The National Asset Management Agency (NAMA) has sold a portfolio of loans, that were originally valued at €1.5 billion, for €450m to US investment firm Colony Capital.
The State agency was paid for the assets today.
The portfolio comprises loans linked to developers and investors Paddy Kelly, John Flynn, and the McCormack family, who owned property investment group Alanis.
Did Noonan allow them 'charitable status' too after holding private meetings with them?

It shows how low we've stooped in this Banana Republic when the sitting finance minister holds private meetings with vulture funds, asks them what they want him to do in the budget and then instructs Revenue to give these vultures 'charitable status' to enable them pay no tax on the immoral profits made off decent Irish people.

This, in any functioning country, would be a national scandal and would bring down a government.

Not in Ireland though, a country populated by stupid and backward Paddies.
 

sic transit

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The sooner Nama is wound up the better.
Yep, by 2020 as intended and €2.3bn coming to the Exchequer, Face value numbers on these distressed assets allows people to intentionally draw completely false conclusions.
 

sic transit

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Did Noonan allow them 'charitable status' too after holding private meetings with them?

It shows how low we've stooped in this Banana Republic when the sitting finance minister holds private meetings with vulture funds, asks them what they want him to do in the budget and then instructs Revenue to give these vultures 'charitable status' to enable them pay no tax on the immoral profits made off decent Irish people.

This, in any functioning country, would be a national scandal and would bring down a government.

Not in Ireland though, a country populated by stupid and backward Paddies.
The charitable status loophole has been closed. Oh I wouldn't overdo the jibes especially if you want to persuade "stupid and backward Paddies" to vote for your preferred party.
 

TheWolf

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Yep, by 2020 as intended and €2.3bn coming to the Exchequer, Face value numbers on these distressed assets allows people to intentionally draw completely false conclusions.
Don't forget to mention the amount taxpayers are really on the hook for though.
The loans and assets NAMA were given have cost us billions.
 

TheWolf

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The charitable status loophole has been closed. Oh I wouldn't overdo the jibes especially if you want to persuaded "stupid and backward Paddies" to vote for your preferred party.
The charitable status 'loophole' is available until 2021.
At that stage there will be nothing left.
 

General Urko

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2 things -
Isn't it only commonsense that you wait until the price is right before selling off assets!
AFAIK we are paying in salaries and perks NAMA people at beyond world class rates and we should be getting world class returns from this, are we?
 

sic transit

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Don't forget to mention the amount taxpayers are really on the hook for though.
The loans and assets NAMA were given have cost us billions.
They cost the remaining banks, who if they are to be believed will return all of it. The canker of Anglo and its cost is the real lesson in all of this.
 

TheWolf

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The charitable status loophole has been closed. Oh I wouldn't overdo the jibes especially if you want to persuade "stupid and backward Paddies" to vote for your preferred party.
You obviously find it acceptable that a sitting finance minister holds private meetings with vulture funds.
That's your prerogative.
As I said, Paddies are Paddies.
 

sic transit

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2 things -
Isn't it only commonsense that you wait until the price is right before selling off assets!
AFAIK we are paying in salaries and perks NAMA people at beyond world class rates and we should be getting world class returns from this, are we?
How do you know we aren't? I'm guessing you're using face value to imagine it.
 

General Urko

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NAMA another great idea brought to you be Fianna Fáil! And enhanced on by the other big Troika Party - The Blueshirts assisted by the other Troika Party - The Red Blueshirts!
 

TheWolf

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2 things -
Isn't it only commonsense that you wait until the price is right before selling off assets!
AFAIK we are paying in salaries and perks NAMA people at beyond world class rates and we should be getting world class returns from this, are we?
How much did they flog off the Battersea site for?
Some of the most expensive real estate on the planet.
https://www.google.ie/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0ahUKEwj07Oq-kefRAhVjLcAKHZrKAlgQFggZMAA&url=http://www.independent.ie/irish-news/nama-lost-a-fortune-on-power-station-sale-29950832.html&usg=AFQjCNGD_odinoQP0kH4Kp4nKCWDKmDTMg&sig2=enhi4T1VXazZRlB5UR9BKg&bvm=bv.145822982,d.ZGg
 

sic transit

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You obviously find it acceptable that a sitting finance minister holds private meetings with vulture funds.
That's your prerogative.
As I said, Paddies are Paddies.
he meet lots of people in his job, publicly and privately. Keep up the insults BTW , it's one way of ensuring the party never makes much progress.
 

McTell

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No
Don't forget to mention the amount taxpayers are really on the hook for though.
The loans and assets NAMA were given have cost us billions.

The saddest part is some committee somewhere in the ECB is wringing its hands over the euro's continuing "teething problems". That's how historians will see this in 50 years time.

I was in Naas last week and saw this half-built falling apart shopping centre just off the main street with 3 cranes still standing above it. My local contact says they have't moved since 2008.

Clearly the economy is on the mend!
 

TheWolf

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Look at the haircuts being given!
FG are corrupt.
Any party that accepts their finance minister holding private meetings with vulture funds for advice on a budget are corrupt.
 

sic transit

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Look at the haircuts being given!
They got very big ones to start with, which is the problem about using face value. We also don't know how much NAMA has recovered from those loans nor what they may be worth now. There are quite probably some sales, which were judgement calls and hindsight catches out but that is NAMA's call and remit. On balance they have done what they were set up to do.
 
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