"Now, a new component has been introduced – €14bn of derivative financial instruments have also been acquired, mostly from Anglo. This is in addition to toxic loans. These are supposed to be ‘low risk’ interest swaps. We have no explanation of the downside exposure in the event of interest rate hikes.
NAMA is paying €11.2bn for these. Remember subprime lending? They were financial derivatives. No external independent appraisal or verification has been provided for this facet of the plan."
Does anyone know where he got the €11.2bn from? Didn’t NAMA say in the new Business Plan that it wasn’t paying for these? Though the SBPost suggests that they are paying for some.
Also in two days (2 days!) on 30th and 31st March, 2010, NAMA booked a loss of €1.35m on derivatives according to the Quarterly Accounts for the period to the end of March 2010.
Didn’t Ivan get the memo that it’s hands off Lenihan,anyone else but Lenny. Sure isn’t he the most popular politician in the country?
Lenihan in Living Lie Shocker!
My fourth book shall be titled,
“The Spoof Over our Heads”, Celebrating Irelands most accomplished family of liars & bluff merchants.
were it a game of poker alot of pinsters would have won
The House / Banker always wins…
Even if Lenny was in charge of the house ?
Are you telling me, we in the royal sense, the average Joe, simple Sam, are winning?!?
Of course not.
I don’t think Lenny is incompetent.
I think they are cunnying liars. They knew from the begining what they were doing.
They brought NAMA to save FF and thier own a**. If they cared about tax payers.
They could have stopped tarins of gravy long ago.
Pitty though, still 1/3 of voters buy the shit they sell and want to see them again.
Future of this country is bleak not because politicians are incompetent but because
voters are incompetent to elect right person.
Its a shame Ivan left politics. We need this kind of no holds barred clinical analysis right now.
Perhaps the electorate would better understand the nature of this swindle if it were explained in Bookies terms on a regular basis. NAMA was a 1000/1 rank outsider which we put the house and the childrens and grandchildrens future earnings on. It fell at the first and now we’re screwed. Meanwhile the former owners and trainers laugh on at us from the winners enclosure…
ud be saying the same about dukes not so long ago. Who would have thought he was as [part of the establishment] as the rest of them?
Lennys genes are Fianna Fail thats all you need to know… irretrievably [part of the establishment].
As an aside watch carefully as the kite of running Granny Lenihan O’ Rourke for the Park flies over your head
@ Lord vader - Fair point, what the fcuk is going on with him anyways. I was dismayed at his peformance in front of the finance committee, unbelievable arrogance. Ireland is clearly a club of the bloated and arrogant and the rest of us can just scrape a living as far as they are concerned (or worse emigrate - sure it will be a great old adventure for us altogether…)
@ Laughlinglawyer - she does seem to have upped the media appearances recently - a very cushy interview with Tubridy on the FF state broadcaster springs to mind. A lesser evil than ahern all the same
FF will have to put someone up. I reckoned her soft soap appearances were part of an early election campaign strategy (expectations of a heave and an election by the autumn), but you may be right about the Aras.
As Jim Royal might say ‘My Aras’
It’s a mandatory requirement, You are not eligible to become president of Ireland unless you are called Mary.
1990 to 1997 - Mary Robinson
1997 to 2004 - Mary McAleese
2004 to 2011 - Mary McAleese
You can’t be in politics full stop
Hanafin, Coughlan, Geoghegan Quinn, -lou MacDonald, Harney, White, Banoffi
When Fine Gael / Labour form the next Government Creighton, Mitchell, Shortall and Burton will have to change their names by deed poll
If he was still involved in politics he would be subject to the party whip ie he’d be saying nothing
Or Party Leader?