Bulk of our loans will go to NAMA, says McInerney

independent.ie/business/irish/bulk-of-our-loans-will-go-to-nama-says-mcinerney-1898804.html

Well isn’t that nice for them. My taxes are going to these shower of …

This is a disgrace. What happened to taking the highs with the lows? Were they handing over their profits to the taxpayers during the good times? No, just give us the toxic debts, cause we’re fools and we’ll accept them. What happened to free trade? What happened to capitalism? Suddenly we’re a communist nation when it suits these guys.

Very conservative but at the same time, realistic… :confused:

Are you listening Lenny?
Things are better in countries where the market is allowed to fall to it’s natural level, even if that level is very low.

How many times does this have to be said.
The problem isn’t that banks won’t lend.
The problem is that they won’t lend stupid amounts to buy houses for way more than they’re really worth.

If you tackle that problem with the attitude that you need to get them lending stupid amounts so
as the get houses selling for way more than they’re really worth, you’ll prolongue the bubble,
maybe just long enough to get you to the next election.

Trust me. The LAST thing Fianna Fail needs right now is some sort of temporary feel good event that
wins them an election, only to be followed by a horrible horrible hangover much worse than this one.

Can ya get that inta yer thick skull? Can ya?

-Rd

Well they were handing over some of their profits in the form of taxes but that was to notionally go towards essential services at the time. However, I have heard some builders suggest that they deserve the bailout because of all the revenue that they have generated over the last few years.

It will be interesting to see if McInerney goes bust - they recently accepted that they might have to be wound up and I think they have an EGM set for Oct/Nov, so if they carry on it will be the clearest evidence yet that NAMA is a bailout.

McInerney themselves have admitted that they’re insolvent. Instead of now being liquidated, their assets will be managed until they’ve reached this elusive “long-term value”.

I know McInerney are only a small part of NAMA, but if the rest of the loans that we’re taking on are anything like this, we’re looking at a writedown of 50%.