Upcoming Events

National | Housing

no events match your query!

New Events

National

no events posted in last week

Blog Feeds

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link RTE in breach of its own editorial principles Anthony

offsite link Waiting for SIPO Anthony

offsite link Formal complaint against Robert Watt Anthony

offsite link RTE bias complaint Anthony

offsite link Fergus Finlay and the maternity hospital ‘gotcha’ trap Anthony

Public Inquiry >>

Human Rights in Ireland
A Blog About Human Rights

offsite link UN human rights chief calls for priority action ahead of climate summit Sat Oct 30, 2021 17:18 | Human Rights

offsite link 5 Year Anniversary Of Kem Ley?s Death Sun Jul 11, 2021 12:34 | Human Rights

offsite link Poor Living Conditions for Migrants in Southern Italy Mon Jan 18, 2021 10:14 | Human Rights

offsite link Right to Water Mon Aug 03, 2020 19:13 | Human Rights

offsite link Human Rights Fri Mar 20, 2020 16:33 | Human Rights

Human Rights in Ireland >>

Lockdown Skeptics

The Daily Sceptic

offsite link News Round-Up Mon Nov 28, 2022 01:58 | Will Jones
A summary of the most interesting stories in the past 24 hours that challenge the prevailing orthodoxy about the virus and the vaccines, the ?climate emergency? and the supposed moral defects of Western civilisation.
The post News Round-Up appeared first on The Daily Sceptic.

offsite link School Indoctrination is Turning British Youth Woke, But the Tories Do Nothing Sun Nov 27, 2022 17:12 | Will Jones
Britain is becoming more illiberal and unpatriotic as today?s increasingly woke young people become voters, yet the Tories do nothing, says Eric Kaufmann, who has written about the worrying findings of his latest survey.
The post School Indoctrination is Turning British Youth Woke, But the Tories Do Nothing appeared first on The Daily Sceptic.

offsite link Chinese Police Clash With Thousands Protesting Draconian Zero-Covid Lockdowns Sun Nov 27, 2022 14:59 | Toby Young
Civil unrest has broken out in China as the population tires of the endless cycle of lockdowns in pursuit of the the moronic ?zero Covid? policy. Worth remembering this was the policy lobbied for by ?independent? SAGE.
The post Chinese Police Clash With Thousands Protesting Draconian Zero-Covid Lockdowns appeared first on The Daily Sceptic.

offsite link 62% Want a Net Zero Referendum, Poll Finds Sun Nov 27, 2022 09:00 | Will Jones
A poll has found that 44% of adults in Britain support ?holding a national referendum to decide whether or not the U.K. pursues a Net Zero carbon policy?, rising to 62% when 'don't knows' are excluded.
The post 62% Want a Net Zero Referendum, Poll Finds appeared first on The Daily Sceptic.

offsite link Fresh Doubts Emerge About 40.3°C U.K. Temperature Record Next to Airfield Runway Sun Nov 27, 2022 07:00 | Chris Morrison
Fresh doubts have emerged about the UK 40.3°C temperature record by an airfield runway this summer as data show the temperature spiked by 1.3°C in just six minutes and dropped again a minute later.
The post Fresh Doubts Emerge About 40.3°C U.K. Temperature Record Next to Airfield Runway appeared first on The Daily Sceptic.

Lockdown Skeptics >>

Voltaire Network
Voltaire, international edition

offsite link Zelensky trapped by Moscow and Washington, by Thierry Meyssan Tue Nov 22, 2022 07:02 | en

offsite link "Voltaire, International Newsletter" n°15 Sun Nov 20, 2022 14:01 | en

offsite link ?Voltaire, International Newsletter? n°14 Thu Nov 17, 2022 10:39 | en

offsite link Is the conflict in Ukraine a civil war? Tue Nov 15, 2022 17:44 | en

offsite link Who are the Ukrainian integral nationalists ?, by Thierry Meyssan Tue Nov 15, 2022 07:02 | en

Voltaire Network >>

NAMA Has Been a Dream Come True for Many US Vulture Funds...

category national | housing | other press author Monday July 20, 2015 21:27author by postman Report this post to the editors

Mick Wallace Dail Diary for 10th July

The controversy over NAMA's sale of the Nothern Ireland loan portfolio, Project Eagle, has not gone away. It suited the Government just fine when the PAC said they would bring NAMA before the committee. - It also suited NAMA, whose polished performance was always going to give them some breathing space, given that the PAC, - no disrespect to any of it's members - just doesn't have the wherewithal to hold them to account. Here is a part of my piece on the workings of NAMA from last Tuesday, when we were debating a Housing Bill . -

"Aside from what seem to be a lot of spurious deals where it appears the taxpayer could have fared a great deal better, NAMA is actually boasting that it will make approximately €1 billion in profit over the six to eight year period. That still leaves the taxpayer about €40 billion short. Given that the market has been rising for a while, it is outrageous that more was not realised.

The point the Deputy made about the social dividend and NAMA's failure to provide it is a frightening one. What is really uncomfortable is the fact that we have a serious level of inconsistency in how NAMA has done its business. Sometimes it applies its rules rigidly and sometimes it does not. A simple example is that of the Dublin GAA trying to get hold of the Spawell but failing to do so. It beggars belief that a sporting organisation in Ireland would not have been facilitated and given a little bit of an extra chance. It is not like the GAA was going to make money on it. It intended to provide a social outlet for young people and should have been helped by NAMA. NAMA will argue that it is under an obligation to maximise the potential of the asset for the taxpayer. When it makes that argument, I would like NAMA to explain its approach when a bidder went to buy not the loans but the debt of the Chicago Spire, which was at $78 million plus costs which brought it to approximately $93 million. An investor sought to buy the debt, and this was every penny that was owed to the bank. This was not the reduced value, but the par value.

In other words, this investor was prepared to pay the debt in full but NAMA gave it to Jones Lang LaSalle in New York to sell. This was a site in Chicago. Even if NAMA thought it could get more for it, it was not in New York that it would have got it. It would have been interesting if it had marketed it in Chicago. Why could NAMA not accept the debt being bought out? It is estimated that it was sold for $35 million. NAMA refused $78 million, plus the cost, and it accepted a figure in the region of €35 million. That was claimed to be in the interests of the taxpayer in the same way as NAMA not accepting the bid from Dublin GAA for the Spawell because it claimed it was maximising the potential of the asset.

It is horrendous that NAMA could not deliver housing units for Dublin, in particular where there is such a serious housing crisis. It beggars belief. The argument was spun that certain property was not really suitable. The funny thing about that is that NAMA did not want to give much of the property that was suitable to the State because it was attractive to investors. What has happened is that vulture funds, mostly from the US, were allowed to cherry pick the best of it because NAMA sought to sell the best of it to them. It then considered some of the other property, which was not quite as attractive to the vulture funds, for social or affordable housing.

NAMA is a State body over which governments - this one and the previous one - do not seem to have much control. Issues are raised about it. The idea that the Comptroller and Auditor General has it all in hand beggars belief. I have seen too many things which I do not believe the Comptroller and Auditor General has seen, and I am going to give him the benefit of the doubt that he is honest. It would be an incredible challenge for the Comptroller and Auditor General and the few people working with him to keep tabs on everything that is happening within NAMA. It would be a massive challenge, and it is not only about auditing. Does the Comptroller and Auditor General have expertise in the area of markets, construction and the future potential of assets? Does he have all those people working for him in order to be able to test the waters and ensure NAMA is doing what is best for the taxpayer at every turn? It is asking way to much of the Comptroller and Auditor General to think that he could come up with all those answers. He would be an amazing man, irrespective of how many people he had working with him.

Sadly, there is now the idea that the Committee of Public Accounts can examine this, behind which the Government can hide, as if it is an Oireachtas investigation and the committee will see if everything is all right. That is not what will happen. If those in government want to know the truth and if they really want to know if the taxpayer was best served in these deals, they will eventually have to initiate an independent inquiry into the workings of NAMA. It is extremely important because not only are we dealing with things that have happened - people must be held responsible for what they have done - but there are so many assets still to be sold. Will that be done right? At present, we do not know and given that NAMA remains a secret society, we do not have a real opportunity to see how it operates. An independent investigation might bring us that. There is a great deal of money at stake. The figures are astronomical so it is extremely important the State addresses this.

The Government should not put this off and kick the can down the road. We need an independent inquiry established right now. How it would be structured is an argument for another day. The Government will probably have to bring in some people from outside the country. I refer to many of the more senior players in the services the Government might use. There is such an incestuous nature to much of what goes on this country that the Government will probably have to bring in some external expertise."

Related Link: http://mickwallace.net/index.php/dail-work/dail-diary/770-nama-has-been-a-dream-come-true-for-many-us-vulture-funds

 #   Title   Author   Date 
   Latest scandal on Nama....Public Statement from Independent TD Mick Wallace     postman    Thu Jul 23, 2015 23:28 
   Whose idea was NAMA     Firebrand    Sun Sep 20, 2015 13:53 


 
© 2001-2022 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy