NAMA gets EU approval

It’s 10:48am.

Is anyone going for a pint? :question:

“The commission said it “will assess the compatibility,”
and “in particular the actual transfer price, of the
transferred assets” when they are separately notified by the
Irish authorities. “These individual reviews will include a
claw-back mechanism in case of excess payments,” it said”
Em, the commission has given outline planning permission. The pink elephant on the roof is not approved yet. I think it is a pretend and extend approval…

So theres scrutiny and a claw back mechanism so its not all bad news then. Even if never used they will help keep the process honest (term honest used tongue in cheek in this context of course)

oh, so like… approval in principle

how much did we put down as our earnings again?

Well I’m relieved to hear this news. Special thanks to bungaloid for persuading me to vote and canvass for nama.

I presume this means that eugene regan’s submission to the commission has failed to halt nama but may have led to the conditions above.

…and the Irish bank shares have not budged…

AIB -1.3%
BOI -2.2%

…dead men walking…

Had the sense Eugnee Regan fancied his chances of at least getting Anglo excluded.

No joy. Anglo is ‘systemically important’

You have to despair, you really do, I smelled a giant rat in anglo, now i think its confirmed, it is utter maddness that Fritz will be happy with it, unless there is something very rotten in there, thank god its friday will get fucked up tonight BD

The EU release: … anguage=en

You have to wonder what has been approved here. It sounds very like “a scheme, the purpose of which will be revealed at a later date, which is gonna be great”

Sounds like this prospectus from the era of the South Seas Bubble

as far as I can see (in the USA at present so somewhat behind the curve) theres nothing here that says anything about AIB and its dividend ? Can they (if they can rustle up 1/4 market cap like that) now pay the pref shares in cash or?


I see bubbles everywhere…

That would be a ‘not’ in my view.

Unless of course, AIB pay us back with our own money…
(Which has been my contention all along).

Anyone got a link to the original Commission notice, preferably in French. English maybe the working language but French is the EU lawyers language. These English quotes do not sound like a ringing endorsement, more a keep going forward slowly until we say stop. Or rather till the facts on the ground change and its back to square one.

Voila … anguage=en

And that’s a very goodnight to Anglo…

Merci beaucoup…

This is the one that really stood out for me…

Not an expert on French legalese but I think an “engagement” has a lot more legally binding baggage in French than the term “commitment” used in the English version. D’engagements are a lot more than a bunch of vague commitments. Implies very much the spirit as well as the wording of what was agreed to…

As I understand it, the French version is the legally definitive version in all matters of dispute on interpretation of EU Law and directives…

So not looking good for the long term prospects for NAMA if the Commission decides to enforce the engagements as to market price and transparency.