All You Ever Wanted to Know about NAMA - The Repository


#1

I think a repository thread would be useful for readers who happen on the site or seek it out to learn about NAMA but don’t know where to start here because of the variety of discussions and the level of analysis. For people who want to know the details and read the opinions of ‘experts.’ And then draw their own conclusions.

It will save hours of irritating googling and confusion and will be an interesting archive and resource when this too has passed.

*The purpose of this thread is not to discuss articles but for members to post up links to articles, videos and audio that might be of use to readers who find their way here through the Facebook campaign, for example and want to to get some information about NAMA.
*
Maybe a short outline of what the article is about, the author and the perspective of the writer would help. Archives or current material welcome.

edit: Rather than having too many individual posts that might be hard to follow, I’m going to group them all together under post headings - So there’ll be a Liam Carroll and NAMA post, an Alan Ahearne post, a Builders’ Interest post and as articles etc arise, I’ll keep them together.

This thread should make it as easy as possible to read and access information. PM me if you want something included or simply post it and I’ll copy it to the relevant post.


#2

The Brendan Keenan Post
This post will contain articles written by Brendan Keenan, Group Business Editor of Independent Newspapers,

independent.ie/opinion/colum … 48801.html

from May 23 - weighing up the possible pitfalls before the legislation was published.

Basic summary of what NAMA is about.

  1. independent.ie/opinion/colum … 61297.html

NAMA may not be a loss making venture (refers to cycles in property prices). August 17


#3

www.irisheconomy.ie

Very useful website featuring articles by well-known economists followed by discussions which tease out the issues.


#4

Panel Discussions - Radio and TV

Ivana Bacik, Justine McCarthy, Carl O’Brien and Paul Anthony McDermott on Today (with Myles Dungan) on Friday 14 August discussing NAMA and related issues.

The discussion considers the status of the property industry, ACC and Liam Carroll and the implications of recent developments in the courts, Ivana Bacik against NAMA, Media’s ‘gleeful’ pursuit of developers? Canadian bank interest in AIB,

rte.ie/radio/liveplayer_av.h … adio1.smil

starts at about 1.25 and lasts to 1.39 ish.


#5

Brian Lucey on NAMA

Who is he? Associate Professor in Finance at TCD.
people.tcd.ie/blucey
Articles written by him will be collated here.

irishtimes.com/newspaper/opi … 09852.html

In this article (published on May 18 before the draft legislation was published) he suggests that Fine Gael’s alternative to NAMA - to create a National Recovery Bank, is a better idea.

irishtimes.com/newspaper/opi … 52071.html - published August 1.

And this is what he has to say since the legislation was published -‘country’s future mortgaged on sloppy, confused legislation.’

There are some responses to the article here

irisheconomy.ie/index.php/20 … gislation/


#6

deleted


#7

Michael Somers, NTMA and NAMA

Michael Somers is head of the National Treasury Management Agency which will oversee NAMA.

irishtimes.com/newspaper/fin … 68484.html

On May 15 he had concerns about the impending legislation and how NTMA would cope with the workload.

More recently, it was announced that NAMA will act on loans before Christmas

rte.ie/news/2009/0723/economy1.html


#8

Repost from here: viewtopic.php?p=286111#p286111

The Swedish experience of bad banks:

and


#9

Nama’s website
nama.ie
with two FAQ’s
nama.ie/Publications/2009/NAMAFAQs.pdf
nama.ie/Publications/2009/NA … stions.pdf

Could the pin do a rebuttal of the FAQ answers, perhaps.


#10

OT (for this thread) posts split to here: viewtopic.php?f=50&t=24258

Let’s keep this for reference items related to NAMA and have discussion elsewhere.


#11

Another link if anyone is interested.

notonama.blogspot.com/

Have signed the petition ( the more the merrier!) :wink: Don’t think it has been posted anywhere yet.


#12

Patrick Honohan
Patrick Honohan is Professor of International Financial Economics and Development at Trinity College.

irishtimes.com/newspaper/opi … 79786.html

Here he suggests (August 6) that shareholders should take some of the risk to reduce the risk to taxpayers.


#13

Green Party Responses and Reactions to NAMA

irishtimes.com/newspaper/ire … 80132.html
In today’s Irish Times, Dan Boyle, Finance Spokesperson for the Green Party suggests that changes be made to protect the Irish taxpayer.

Pin discussion of that here
viewtopic.php?f=50&t=24274

irishtimes.com/newspaper/bre … ng149.html

Greens see dangers in NAMA

August 16

  1. Green reaction to NAMA and what that may mean…

rte.ie/news/news1pm/player.h … 9,real,209

News at One August 13
Green Councillors give opinion on NAMA
If the Green Party doesn’t support NAMA, it won’t go through Dáil - Stephen Collins of Irish Times

  1. Green Party support for NAMA not to be taken for granted, says Boyle
    on Morning Ireland 240809

rte.ie/news/morningireland/p … 9,real,209

and reported here

irishtimes.com/newspaper/bre … king27.htm

[Legislation to establish the National Asset Management Agency (Nama) is “difficult” for many Green supporters and is “directly opposed” to the party’s “philosophical bent” finance spokesman Dan Boyle said today.

However, he warned that any alternatives to the Bill would inflict even “bigger damage on the country in the long-term”.

Speaking on RTÉ’s Morning Ireland Mr Boyle said the Government is not presenting the Nama legislation as a fait accompli but are taking a “consultative approach”.
[/quote]


#14

Builders’ Interest
Posts relating to the Construction Industry Federation and the Irish Home Builders Association will be stored here.

irishtimes.com/newspaper/ire … 80108.html

This article is low on actual information but it points out that builders have concerns about NAMA.

Hubert Fitzpatrick, Director of the Irish Home Builders Association says

Pin discussion of that here
viewtopic.php?f=50&t=24275

rte.ie/news/news1pm/player.h … 9,real,209

Tom Parlon, of Construction Industry Federation re NAMA on the News at 1 today - for developers and builders, NAMA “is the only way forward” but they have concerns about the legislation and are in consultation with their builder and developer members.

Hubert Fitzpatrick of Homebuilder’s Association saying that rights of individuals are being affected because they have no choice whether their loans go into NAMA.


#15

Protests against NAMA

Groups against NAMA from all angles…
1.

rte.ie/radio1/player_av.html … esday.smil
1.18 mins in

Wednesday, 19 August. Radio 1’s Drivetime presents a package on No to Nama demonstrations. Included are The Irish People’s Union represented by Dave Browne (lots of discussion on this site), and the United Alliance Against Cuts, Paul Sheils.


#16

Alan Ahearne

Alan Ahearne is economic adviser to Brian Lenihan.

sbpost.ie/post/pages/p/story … qqqx=1.asp

This is his take on the necessity for NAMA, as published in the Sunday Business Post, August 16. A lot of readable detail in it. Worth reading.

This is the philosophy, clearly outlined from his perspective.

He also responds to a number of criticisms of the proposal.

There’s a discussion on part of that article here looking at some of the circumstances that give rise to the NAMA draft legislation in its current form.

viewtopic.php?f=50&t=24251


#17

The Liam Carroll Post
All links relating to Liam Carroll and NAMA will be stored here.

Statement from Richard Bruton on August 12, following SC judgement on Liam Carroll’s Zoe Group.

irishtimes.com/newspaper/opi … 40660.html
Opinion piece in the Irish Times today, August 20 suggesting that it is time for the Attorney General to intervene in his role as guardian of the public interest.

Pin discussion of that article here
viewtopic.php?f=50&t=24357


#18

Colm McCarthy on NAMA
Colm McCarthy is the economist behind An Bord Snip

irishtimes.com/newspaper/bre … king41.htm

Here he suggests that the banks may end up being more or less nationalised even within NAMA.

NAMA will not bail out developers, he says.

It won’t be easy, and there are questions to be answered.

Pin discussion on this here

viewtopic.php?f=50&t=24281

edit: Indo article on more or less the same story here, in the context of drop in share values yesterday (170809)

independent.ie/national-news … 62310.html


#19

In another thread thepropertypin.com/viewtopic.php?f=50&t=24251 I mentioned in passing an article in the Sunday Tribune about how a change in the accounting rules would negate the need for NAMA.

Here is the article…

tribune.ie/business/article/2009/aug/16/no-need-for-nama-if-accounting-rules-were-changed/

The title of the story says it all.

Short story. Back in 2005 the EU changed the rules for how banks can do their accounts. Part of the whole Basel II bandwagon. New rules were very pro cyclic. Banks could not make traditional provisions again the down turn and ( adding to the whole bubble insanity) could now lend at two or three times the traditional leverage ratios.

The net results is all around you.

The article says that go back to the pre 2005 rules and the stated rasion d’etre for NAMA, restoring the banking system to health, would disappear in a puff of creative accounting.

By far the cheapest solution (for the taxpayer) that I have heard of so far.


#20

irishtimes.com/newspaper/fea … 74362.html

Más féidir leat baint a úsáid as do chúpla focail, tá an píosa sin san Irish Times inniú - Beocheist cinnte!

Dar le Alan Desmond, níl ach rioscaí ag baint leis an plean atá fúinn faoi láthair.