Nama saying banks made "misleading and false" statements when Nama valuing loans.



He3

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People breathe, banks lie
 

eoghanacht

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On a golfing holiday with Seanie
 

Mushroom

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Where are the fraud squad?
Probably driving President McAleese's housekeeper up and down from the Six Counties.
 

wombat

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Shock & Horror - Bankers lie
 

Freedom front

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NAMA trying to cover their arse's - incompetent wasters paid to much for the assets they bought from the banks, trying to blame banks for their incompetence
 

Broke

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NAMA and the banker's.

I thought it was a bit rich, the head of NAMA and micheal Mcgrath saying the police should be called in now because the banks were dishonest with NAMA.It is a bit late in the day now for them to say this,the horse has bolted the stables long ago.We knew the banks would screw NAMA.I wonder are they saying this because the IMF are here now.
 

bonkers

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if you lied to revenue or social welfare,you'd be sorted out sharpish.
 

hammer

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How does it matter ?

If the Banks got more for the assets the recapitalisation was less.
If the Banks got less for the assets the recapitalisation was more

Irrelevant.

Any more spin BS that needs to get thought through ?
 

hammer

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Here is the greatest spin

NAMA will breakeven or make a profit :) :)

71% of loans are generating no income :(
 

blackpitts

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NAMA trying to cover their arse's - incompetent wasters paid to much for the assets they bought from the banks, trying to blame banks for their incompetence
Something along those lines anyway. The IMF/EU talks aren't even finished and already stuff is coming out. They thought they could get away with hiding it from us, but they can't hide it from the big boys.
 

Miserable eFFer

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Lenihan admitted today that the banks were too big for the government to handle. Just as many businesses took the opportunity to divest themselves of staff as soon as the problem broke, the banks took the opportunity to dump as much sh*te into NAMA as they could. Remember those lovely AAA*** rated products that were packaged by the yank banks and sold to most european banks and especially Irish banks as valuable products only to turn out as pure rubbish. Were now paying for those as well.
 

bokonon

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Frank Daly in the Oireachtas Committee said that the first place to go to pursue a prosecution for these false statements was to the Financial Regulator.

This has a whiff of "keeping it in the family" about it.

What's wrong with the Gardai?

Nama Act 2009 said:
7.—(1) A person on whom an obligation is imposed by or under Section 202(2) and who intentionally does not comply with the obligation commits an offence.
(2) A person who intentionally, recklessly or through gross negligence provides false or inaccurate information to NAMA commits an offence.
(3) A person commits an offence if the person—
(a) intentionally withholds information from NAMA in breach of an obligation to provide that information imposed by or under this Act, and
(b) does so with the intention of having a material impact
upon—
(i) the manner in which NAMA deals with a bank asset,
(ii) a decision by NAMA to refrain from dealing with a bank asset, or
(iii) the value that NAMA determines for a bank asset.
(4) A person who intentionally withholds information from NAMA in breach of an obligation to provide that information imposed under this Act commits an offence if the withholding of the information has a material impact upon—
(a) the manner in which NAMA deals with a bank asset,
(b) a decision by NAMA to refrain from dealing with a bank asset, or
(c) the value which NAMA determines for a bank asset.
(5) A credit institution that commits an offence under this section is liable—
(a) on summary conviction, to a fine not exceeding EUR5,000, or
(b) on conviction on indictment, to a fine not exceeding EUR20,000,000.
(6) A person other than a credit institution who commits an offence under this section is liable—
(a) on summary conviction, to a fine not exceeding EUR5,000 or imprisonment for a term not exceeding 12 months or both, or
(b) on conviction on indictment, to a fine not exceeding EUR5,000,000 or imprisonment for a term not exceeding 5 years or both.
(7) Where an offence under this section—
(a) has been committed by a body corporate, and
(b) is proved to have been committed with the consent or connivance of, or to be attributable to any wilful neglect on the part of, a person—
(i) who is a director, manager, secretary or other office of the body corporate, or
(ii) purported to act in any such capacity, that person as well as the body corporate shall be taken to has committed an offence and is liable to be proceeded against and punished as if he or she were guilty of the first-mentioned offence.
203.—Where NAMA has reason to suspect that—
(a) a participating institution may have committed a criminal offence, or
(b) a participating institution may have contravened a law relating to taxation, companies, the regulation of financial services, or competition, then NAMA shall report the information that leads it to form that
suspicion to—
(i) the Garda Síochána,
(ii) the Revenue Commissioners,
(iii) the Director of Corporate Enforcement,
(iv) the Competition Authority,
(v) the Regulatory Authority,
(vi) any other body (whether within the State or not) respon-
sible for the detection or investigation of criminal
offences, or
(vii) any other body (whether within the State or not) responsible for the detection or investigation of contraventions of law (whether of the State or not) relating to taxation, companies, the regulation of financial services, or competition,

as the case appears to it to require.
 

teapot

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Which banks and when. Where are the fraud squad?
Likely they haven't had a written complaint from someone who will eventually be described as a whistleblower' and not allowed in the Galway Tent any more... Plus they probably weren't watching the telecast or they were busy preparing a file to submit to the Director of Public Prosecutions on some other burning issue. Plus it is probably a very complicated issue involving banks and false statements and documents and records and money. Plus, y'know, getting a Search Warrant on a Friday....
 

dresden8

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Feb 5, 2009
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You can't make these statements.

Everybody is entitled to their day in court.

Did Harney write these statements for the NAMA fnckwits.

Did she learn nothing from getting Haughey off the hook?

Or is it all deliberate?

Judicial process contaminated etc.

We're being set up again people.

Mods, please shut this thread down now. This crap should be treated as sub judice, even if it's not.
 


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