SBP:NAMA plan to protect large developers from collapse.

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304
The leading story in today's SBP states:

Quote: ''The country's largest property developers will be protected from collapse by the proposed National Asset Management agency.
Under advanced plans being drawn up by the department of Finance NAMA will agree not to force up to 20 of the country's top developers into liquidation''.

I have long held the view that the setting up of NAMA is going to end up as an unmitigated disaster for this country.How on earth are they going to prevent the top developers from going bust without exposing the taxpayers to a level of dept which we will simply be unable to pay.

Quote: ''Plans are being drawn up to ensure that bad loans taken on by NAMA will be worked out over a period of at least 10 years and that so called 'firesale' of landbanks at knockdown prices will be avoided as officials fear that this would crystallise taxpayers losses''.


One should bear in mind that the country's top 20 developers are responsible for a huge proportion of the toxic debt.I was going to say that the govt do not know what they are doing here.On the contrary it now seems pretty obvious that as far as a bailout is concerned they know exactly what they are doing.

But it will lead this country to bankruptcy.Quite simply this farce must be stopped now.


Link will be available at 6:30.

This is proof, if any proof were needed, that we do not live in a democracy, but an oligarchy.
 


cd27

Member
Joined
May 1, 2009
Messages
89
Website
libertyireland.wordpress.com
The leading story in today's SBP states:

Quote: ''The country's largest property developers will be protected from collapse by the proposed National Asset Management agency.
Under advanced plans being drawn up by the department of Finance NAMA will agree not to force up to 20 of the country's top developers into liquidation''.

If you read the story, what this is about is propping up house prices with taxpayers' money. This is the seem government that thinks you give money to banks in return for no equity stake. Would you give money to a bank in return for nothing, that's what they expect us chumps to do.

There should be an orderly bankruptcy of all these insolvent institutions and state money should be put into new banks. Instead our money is being stolen to pay for the losses of a bunch of losers, socialism for the rich.

We're on the road to fascism, state control, no doubt about it.
 

jdckelly

Active member
Joined
May 14, 2007
Messages
100
anyone with half a brain could figure that out the moment it was announced
 

anewbeginning

Well-known member
Joined
Jan 20, 2009
Messages
4,616
The same Large developers who gave money to Fianna Fail in the Galway tent?

FF never change. The conflict of interest here is massive. You have a party dependent on donations from developers, at the same time determining policy which affects the same developers.

How can we expect the best interests of the taxpayer to be served here when Fianna Fail are legislating for the benefit of their friends.
 
Last edited:

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304
"State Capture" is the term for it.
 

libertarian-right

Well-known member
Joined
Apr 23, 2007
Messages
2,474
FF and developers want to survive, these two go hand in hand. NAMA is a scandal of epic proportions which will prolong the recession in this country.
 

petervalhala

Well-known member
Joined
May 18, 2008
Messages
746
This is proof, if any proof were needed, that we do not live in a democracy, but an oligarchy.
Quiet the reverse, all it shows is that a democratically elected Government is implementing policies in the long term interests of this country and its economy
 

Cael

Well-known member
Joined
Jun 19, 2006
Messages
13,304

libertarian-right

Well-known member
Joined
Apr 23, 2007
Messages
2,474
Government is implementing policies in the long term interests of this country and its economy
Funny, where are these policies? You think buying bad debts using taxpayers money will solve the problems? You know these bad debts run into the billions? So you want our children to pay for this?

Or is it that homechoice loan scheme that uses taxpayers money to try encourage people into lifelong debt and negative equity?
 

grassroots

Well-known member
Joined
Jan 7, 2007
Messages
2,417
This weekend has seen a desperate attempt by Cowen to shore up his position.
*he has written to the public sector unions promising not to touch their terms and conditions
*he has promised that FF will not increase business rates while at the same time cutting the allocation to councils
and finally against the background of a revolt by the CIF against NAMA because the CIF fears that if the loan file are transferred to a "work out agency" it might actually mean debt collection, he has signalled to the CIF that NAMA will long finger debt collection.

Effectively the DOF is proposing that NAMA take on a portfolio of about 90bn in developer loans and then hold off on debt collection for the forseeable future until things improve. That is quite some gamble with our childrens' future.
 

Dreaded_Estate

Well-known member
Joined
Sep 5, 2007
Messages
3,716
This weekend has seen a desperate attempt by Cowen to shore up his position.
*he has written to the public sector unions promising not to touch their terms and conditions
*he has promised that FF will not increase business rates while at the same time cutting the allocation to councils
and finally against the background of a revolt by the CIF against NAMA because the CIF fears that if the loan file are transferred to a "work out agency" it might actually mean debt collection, he has signalled to the CIF that NAMA will long finger debt collection.

Effectively the DOF is proposing that NAMA take on a portfolio of about 90bn in developer loans and then hold off on debt collection for the forseeable future until things improve. That is quite some gamble with our childrens' future.
It isn't a gamble, we are guaranteed to lose!
 

ang

Active member
Joined
May 4, 2009
Messages
156
Please explain how a different course of action re. the banking system will result in your Granny get a grant to renovate her house.
Take the taxpayers money back from the banks and developers.We cannot allow the vulnerable to pay for the mistakes of the big boys. As a nation we have a duty to protect the vulnerable,let the banks sort out their own mess and work for their money for a change
 

markeys

Active member
Joined
Feb 11, 2008
Messages
273
I can't for the life of me fanthom how senior party officials in FF, or indeed the Dept of Finance, think its a good idea to prop up developers.

We've now moved from banks of 'systemic' importance to developers of 'systemic' importance.

WTF?!

Is there no-one in FF that has any cop-on or moral compass to ask Why developers should be not be put into liquidation if they are insolvent? Its insane.
 

anewbeginning

Well-known member
Joined
Jan 20, 2009
Messages
4,616
We need someone with a spine to get tough with the developers.

If we are expecting Cowen, the developer's friend to get tough with developers we will be waiting. That's why we need him out of the Taoiseach's office asap.

Developers essentially own FF and they could care less if Ireland was 200 billion in debt as long they can keep their D4 homes.
 
Last edited:

McDave

Well-known member
Joined
Jul 10, 2008
Messages
13,520
We need someone with a spine to get tough with the developers.

If we are expecting Cowen, the developer's friend to get tough with developers we will be waiting. That's why we need him out of the Taoiseach's office asap.

Developers essentially own FF and they could care less if Ireland was 200 billion in debt as long they can keep their D4 homes.
Pretty much sums it up!
 

Magellan

Member
Joined
Apr 19, 2008
Messages
63
Why developers should be not be put into liquidation if they are insolvent?
Because FF are the builders party first and foremost.......these guys have funded FF and have also broken bread with them for years. Dunne was with Ahern in Washington, McNamara is a former FF Councillor, Gannon has been an FF supporter for years as has Seamus Ross.

FF aren't gonna allow their good mates go broke....and if that means pulling a massive stroke on the general populace then so be it.

We have Scoliosis wards (the only ones in the country btw) about to close down in Crumlin Hospital for lack of funding but hey, who the f!ck cares about that!! As long as the builders are ok and property prices are kept artificially high, and the taxpayer is bled dry....sure as Mansergh said

"You should have respect for your betters!"

And hey, 41% of the public were happy to vote FF last time out, so you reap what you sow.
 

patslatt

Well-known member
Joined
Apr 11, 2007
Messages
13,637
This weekend has seen a desperate attempt by Cowen to shore up his position.
*he has written to the public sector unions promising not to touch their terms and conditions
*he has promised that FF will not increase business rates while at the same time cutting the allocation to councils
and finally against the background of a revolt by the CIF against NAMA because the CIF fears that if the loan file are transferred to a "work out agency" it might actually mean debt collection, he has signalled to the CIF that NAMA will long finger debt collection.

Effectively the DOF is proposing that NAMA take on a portfolio of about 90bn in developer loans and then hold off on debt collection for the forseeable future until things improve. That is quite some gamble with our childrens' future.
Where are you getting this information about Cowen? Intelligent guesses?
 


New Threads

Popular Threads

Most Replies

Top