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NAMA's €10.5bn


ger12

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Feb 25, 2011
Messages
48,255
So, it's being reported that NAMA has generated €10.5bn in cash flow since its inception almost three years ago.

The National Asset Management Agency said, in it's latest summary of progress, that it's sold €6.9bn worth of assets and made a further €3.6bn from rental income. It has also identified close to 3,900 residential properties for social housing and €3.5bn worth of Senior Bonds were redeemed during the year, which NAMA Chairman Frank Daly has said will go a long way in repaying the debt it incurred in acquiring its loan portfolio.

Chief Executive, Brendan McDonagh said: “the generation of €10.5 billion in cash in the 33 months since the first loans transferred to NAMA reflects a strong performance in terms of asset disposals and also shows the importance for NAMA of capturing the rental income from assets under the control of debtors”.

Not bad?

NAMA makes €10.5bn in three years
http://www.breakingnews.ie/ireland/nama-makes-105bn-in-three-years-579847.html
NAMA Issues End of Year Review for 2012
http://www.nama.ie/news/nama-issues-end-of-year-progress-summary-for-2012/
 

cabledude

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Joined
Jan 23, 2011
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6,362
Not bad at all in fairness.

They are getting themselves well trained and prepared for taking over domestic mortgages in a couple years time.
 

bluefirelog

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Isn't NAMA supposed to get back the actual value lent to developers though rather than the discounted price NAMA paid for it?
 

Man or Mouse

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Isn't NAMA supposed to get back the actual value lent to developers though rather than the discounted price NAMA paid for it?
There you go spoiling the party before it begun. :cool:
 
D

Deleted member 17573

Isn't NAMA supposed to get back the actual value lent to developers though rather than the discounted price NAMA paid for it?
No - that would require a return of the property market to boom prices.
 

seanmacc

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Jan 10, 2009
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If its performing well you can be guaranteed that it will be transferred to the private sector sold at a pittance.
 

smitchy2

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Jan 28, 2008
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1,817
How much was put into NAMA- 30bn odd?
For 70bn of banks assets.... and 64bn was put into the banks......

Nice to see the FF nuts still promoting this madness.
 

GDPR

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That's the way it was sold by Lenny the Liar.
Why don't you get us the quote where he said that.

If that was ever the case we wouldn't have needed a NAMA in the first place.

You never understood it and obviously still don't.
 

Marvar88

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Dec 13, 2010
Messages
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That's the way it was sold by Lenny the Liar.
I have come around to NAMA. It has developed into something much different to what Lenihan and Bacon (who is quite furious at what it is now) had in mind.

However while these figures are good, it has difficult days ahead.

Last year Noonan agreed the bond repayments with the Troika that NAMA has to meet.

This year they will pay €7.5b (which they will comfortably), then at the end of 2015, they owe €4.5b. However it is 2017 that has always been the problem. They owe €12b then. Many of its critics have always said NAMA won't make it past this hurdle. If it does,and its chances are improving, it may well reach its target of meeting its bonds and dissolving in 2020 with a profit to the taxpayer.

Time will tell.
 

GDPR

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Marvar88

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Why don't you get us the quote where he said that.

If that was ever the case we wouldn't have needed a NAMA in the first place.

You never understood it and obviously still don't.
Hmm I wonder did you ever understand it, as its Architect, Peter Bacon maintains its behaving disgracefully and not in the way it was meant to.
 

bluefirelog

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If it does,and its chances are improving, it may well reach its target of meeting its bonds and dissolving in 2020 with a profit to the taxpayer.

Time will tell.
But is that a profit on loans that were discounted by an average of 58%? The Taxpayer will get less than half of the loan value back, unless NAMA is simultanously working towards getting the rest of the actual loan value back from developers?
 

Marvar88

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Dec 13, 2010
Messages
2,926
But is that a profit on loans that were discounted by an average of 58%? The Taxpayer will get less than half of the loan value back, unless NAMA is simultanously working towards getting the rest of the actual loan value back from developers?
A profit on what Nama paid for it.
 

ibis

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Joined
Mar 12, 2005
Messages
12,359
Isn't NAMA supposed to get back the actual value lent to developers though rather than the discounted price NAMA paid for it?
No - that would require a return of the property market to boom prices.
In fact it wouldn't require that, any more than the bank getting the full value of your mortgage out of you requires a return to boom prices. The value of the property is irrelevant to NAMA (and the bank) unless they foreclose or the borrower declares bankruptcy - up to that point, they're owed the full amount that was borrowed.
 

GDPR

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I have come around to NAMA. It has developed into something much different to what Lenihan and Bacon (who is quite furious at what it is now) had in mind.
Complete bollox, it is exactly what Lenihan had in mind and differs only for Bacon in that because of the screamers, led by FG, at the time, they had to cut much deeper on the values paid to the banks, money which was coming at 1% and replace that with money borrowed on the open market at much higher rates to loan back to the banks.

This is what you asked for back then and this is what you got, the same as planned by Lenihan, but at a higher cost.
Well done the screamers.
 
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