inquiry into 'insider' NAMA deal


#201

The other half of the equation is the recap money put in to the banks, in particular Anglo, INBS and AIB.

NAMA getting its money back plus costs is not enough. It has to make a serious dent on the recap costs - it’s breakeven value for the exchequer includes it making a profit.

Knowing how much NAMA paid for an individual site, knowing their costs, you then know what their breakeven is just in NAMA terms. Because some property will sell below price paid, some at and some above, you can pitch a closed market price that that comes in at or below what NAMA paid - you reckon you are getting a good deal on this because you’ve looked deeper into the individual property. In an open sale with more normal credit conditions, it would realise more. NAMA doesn’t know this because the cost of investigating each property deeply is prohibitive.

In addition, going to the borrower who owes on that property and saying that NAMA paid x for that particular property gives that borrower a level to aim at in terms of striking a deal with NAMA. It undermines NAMA’s negotiating position with borrowers who have other assets or income.

Some of us were convinced that this is how NAMA would end up, but seeing it happen is a different thing. Once again, now it is in place, a robust NAMA is required for the taxpayer, even if it was the wrong thing to do in the first place.


#202

This story remains interesting. I had forgotten that the authorising Portfolio manager, and possibly NAMA’s credit committee would have to OK the actual ‘off market’ disposal by Dowd.

Maybe NAMA are trying to pin it all on the purchaser…to avoid wider embarrassment.

There is so many interesting angles to this one that are still concealed. Is there a “Form A” floating around signed by the borrower requesting authorisation to dispose, what does it say, is there an internal signed NAMA Form floating around recommending. Who signed off on the release of NAMA’s security over the asset? What happened to the shortfall on Dowd’s loan on this property? Has Dowd gotten a deal on shortfalls? ETC ETC

Nothing happens without a paper trail.


#203

What ?

This is *precisely *the type of information sought by those who carry out corporate espionage.

If you know your adversary’s cost base, then you have them over the proverbial barrel.

As far as I can tell, there is no other information more damaging than the type stolen.

Make no mistake about it, this information has the potential to cost the Irish taxpayer billions !


#204

If the market price is 500k then why would NAMA accept 400k? I don’t follow your logic. Unless you are saying that NAMA is not properly advertising their properties for sale? Cause that’s a whole different debate, and has nothing to do with the release of these “secret” documents.


#205

If you are buying a house then it doesn’t matter what price the seller originally paid for it. I don’t see how everything changes just because the seller happens to be NAMA.


#206

Why are you putting “secret” in inverted commas? Do you doubt that the value ascribed to an asset by NAMA is secret?

It’s not really a “whole different debate” at all


#207

I tend to agree Mr A, the use of the word stolen is interesting. If you were the recipient of these emails,presumably directly from Mr Farrell via his NAMA email (Though why he didnt send from a private on confuses me) I think there is no suggestion as yet that Mrs Farrell forwarded any emails. Anyway I receive an UNSOLICITED !!! email from Mr Farrell whllst it is probably correct to say its “stolen” as the recipient I am innocent as I didnt know it was stolen and since I cant Unremember the information what can you do. If your Sean Dunne however !!!


#208

Is NAMA really not capable of valuing each individual sale? The cost to NAMA is no more prohibitive than it would be to any other seller, so why would NAMA decide not to spend the same amount of money valuing it properly? Is this really what is happening?

How does it undermine anything? Those negotiations are based purely around the ability of the borrower to pay. If the borrower has loadsa cash then NAMA will come after that. I really can’t see how the original cost of the property impacts the current selling price.


#209

Because the documents are no longer secret. And the issue of whether NAMA is not properly advertising its properties is certainly a ““whole different debate”” to the issue of the value of the no-longer-secret documents.


#210

Are you, by any chance… a Jesuit ? :slight_smile:
I am genuinely puzzled how you can say anything turns on the fact that something secret released to a select few could be arguably no longer “secret”.

I am also puzzled how you think the fact that a select few are in possession of this information could be a whole different issue to those select few using that knowledge for an off market sale. Because here we have a prima facie example of one of the people in the “select few” seemingly using his own knowledge to make a purchase at a price he thought would get over the line - apparently based on his secret knowledge.

But he’s small fry. What’s really worrying is someone using this knowledge to focus on a package of loans.


#211

Just curious, can you tell me the definition of ethics in the context of professional conduct?


#212

Just saw an ad on RTE for the Ernst and Young Entrepreneur of the year awards on tv this Thursday…Would it be too late to nominate one or both Farrells ???

ey.com/IE/en/About-us/Entrep … s-Ceremony


#213

A document emailed to at least a dozen different companies will most likely already have been seen by 100 different people. Give it another few weeks and anybody in the industry who wants to get their hands on the info would certainly know where to look. It is not a secret anymore.

Stop misquoting me! Here’s what I actually said:

It was in reference to a comment made that NAMA would sell a property for 400k when the market price was 500k. I was making the point that this could only happen if NAMA was not properly advertising its properties.


#214

Journalistic wank. Seriously WTF. We knew someone approved it. The SI found the name and suddenly he’s being investigated? Jesus whatever I think about the abortion on whizz that is NAMA, I’d at least credit them with the ability to ask the dude what the deal was.


#215

duplicate of another post


#216

I think because they had another story on him:
independent.ie/business/iris … 66300.html

And the chance to tie two NAMA freak-shows together was too good to miss - they probably could have just rolled it into the above story, but why have one NAMA story when you can have two?

Sounds like someone is sharpening their knives - unless they get cut a deal.


#217

Ha Ha we are all WRONG

So thats all right then

rte.ie/aertel/desktopxhtml/133-1.html

I love the RTE use of words, sequence I presume is the word but scenic has me thinking scenic route to the truth


#218

NAMA waited one month before gardai alerted on leak

Lots more on the link
independent.ie/business/iris … 71939.html


#219

The NAMA whitewash of the sale of the Lucan property to Enda Farrell -> namawinelake.wordpress.com/2012/ … a-farrell/


#220

And in April 2012: