NAMA finally under adult supervision...

One of the more interesting sections of the Bail Out doc is Section 20 on Page 29…

finance.gov.ie/viewdoc.asp?DocID=6601

(Image PDF so cannot cut/paste quote)

But the gist is that proper corporate governance / oversight / audit of NAMA is in the statute and enforcement of all parts of the NAMA oversight process will be part of the Bail Out. What I found interesting is that this should be spelled out so clearly as a condition of the Bail Out. When added to the detailed direct oversight of the DoF, NTMA and CB (detailed daily / weekly monthly reports etc) by the ECB / IMF outlined in the rest of the document it looks like the NAMA wards will have to be far more creative in the future if they plan to pull off any more strokes.

Interesting document reads like a treaty of some form, maybe comparisons to Versailles are not too off the mark. Was interested in this bit. Point 16 on Page 28:

“We will also reform the personal insolvency regime for financially responsible individuals…”

Does this affect all those unable to pay their mortgages and currently getting unlimited time in the courts? Could be seeing firesales and evictions
in short order?

Here’s your section 20, on page 29:

FYI: if you have Office 2007 or 2010 there’s a little-used program in it called OneNote - very handy in fact - it has an OCR reader buried in it - if you copy the pdf as a snapshot (ie image) - paste it into OneNote - right-click on what you just pasted - select ‘copy text from picture’ - you get fairly good quality text. Make the pdf image as large as possible before taking the snapshot, btw.
This works on copy-protected pdfs - obviously where they are not copy-protected text can be cut and pasted without this messing.
(apologies if everybody knew this already!)

Adult supervision courtesy of the dof and ntma c’mon please…

Does this offer a mechanism to challenge NAMA and NAMA appointments?

A certain member of the Rohan family for instance.