NAMA in the proposed Programme for Government

3 Points from a quick search I did for “NAMA”

NAMA in the PFG:

  • Participating institutions in NAMA will be obliged to offer a deposit account to consumers which will be ringfenced for lending to Green projects.

  • Pending legislation, all credit institutions participating in NAMA or availing of a Government Guarantee will be expected to comply fully with the key principles of the ‘Combined Code’, subject only to necessary adaptations agreed with the Minister for Finance or the Financial Regulator.

  • The Government’s approach to asset valuation within the NAMA initiative is a carefully balanced and reasonable approach, having regard to the need to stabilise the financial system and to ensure that the economy has access to credit and financial services. Alternative approaches risk leaving the banking system impaired and without access to funds or capital for future development.

  • Public concern in relation to the risk undertaken by the Exchequer is, of course, appropriate, and entirely shared by the Government who have taken considerable steps within the proposed NAMA legislation to mitigate and control risks and ensure the best possible return for the taxpayer. Included among the measures to mitigate risk is the proposal that a portion of the consideration for the assets transferred would be in the form of issued subordinated bonds, ensuring that risks are shared by the institutions. In addition, the Government has always stated that, should NAMA make a loss over time, a levy would be imposed to recoup the cost to taxpayers. The Government proposes to amend the legislation to ensure this levy is put on a statutory basis. This levy will be dealt with in the legislation establishing the Agency, having regard to the importance of maintaining the sustainability and stability of financial institutions. Any such levy would arise only if NAMA has made a loss on its eventual Proposed Renewed Programme for Government wind-up or after 10 years, and would be carefully judged so as not to disrupt the stability and sustainability of the banking system.

See the first one there:

  • Participating institutions in NAMA will be obliged to offer a deposit account to consumers which will be ringfenced for lending to Green projects.*

Why don’t they give the Greens a little bank of their own?

They are, it’s called Anglo :imp:

NAMA in the PFG:

  • Participating institutions in NAMA will be obliged to offer a deposit account to consumers which will be ringfenced for lending to Green projects. (And what stops the banks from offering a reduced interest rate on these deposits to undermine the scheme, particularly if they perceive such investment as having a higher risk? This is a complete red herring)

  • Pending legislation, all credit institutions participating in NAMA or availing of a Government Guarantee will be expected to comply fully with the key principles of the ‘Combined Code’, subject only to necessary adaptations agreed with the Minister for Finance or the Financial Regulator. (Subject only to the whims of the Minister or Regulator, right? NAMA is subject to political interference.)

  • The Government’s approach to asset valuation within the NAMA initiative is a carefully balanced and reasonable approach, having regard to the need to stabilise the financial system and to ensure that the economy has access to credit and financial services. Alternative approaches risk leaving the banking system impaired and without access to funds or capital for future development. (Is this a statement of fact or a lame excuse for loading the taxpayer up with an impossible burden?)

  • Public concern in relation to the risk undertaken by the Exchequer is, of course, appropriate, and entirely shared by the Government who have taken considerable steps within the proposed NAMA legislation to mitigate and control risks and ensure the best possible return for the taxpayer. Included among the measures to mitigate risk is the proposal that a portion of the consideration for the assets transferred would be in the form of issued subordinated bonds, ensuring that risks are shared by the institutions. In addition, the Government has always stated that, should NAMA make a loss over time, a levy would be imposed to recoup the cost to taxpayers. The Government proposes to amend the legislation to ensure this levy is put on a statutory basis. This levy will be dealt with in the legislation establishing the Agency, having regard to the importance of maintaining the sustainability and stability of financial institutions. Any such levy would arise only if NAMA has made a loss on its eventual Proposed Renewed Programme for Government wind-up or after 10 years, and would be carefully judged so as not to disrupt the stability and sustainability of the banking system. (So the levy may never be applied regardless of the loss NAMA makes? )

They’ve sold the country out for wishy-washy shite.

What does that bit mean ?

Doesn’t this gobshite realise that NAMA is nothing at all to do with Homeowners ?

Or is it just that the Greens are going to pencil in more conditions for Banks taking part in NAMA as an appeasment to all those voxpop voices whineing ‘where’s my NAMA ?’

From the IT

Its the same shyte is was wailing about on the night of the gaurantee go watch the video if you can find it it makes no sense to me and sadly still doesn’t. It was a really stragne speech he gave.

If I counted the number of times Bertie ahern said it would be unconstitstutterytutional for the govt. to interfere in the private property market, and now this. It was always his defence when it suited him when his govt. were accused of doing nothing for affordability of homes. Today the Greens have bailed out the very people who stood in the way of social and affordable housing for all for over a decade, and for what? NADA!

No for NAMA not NADA :wink:

Im gonna barbeque a mink, over a smoky coal fire stoked with rendered dolphin fat, and serve it with plants so modified that they are martians. We save 140k mink from death by accepting 54b nama- 385k per fur-weasel.
These loonies…

try to keep this topic for the NAMA stuff folks, I’ve merged over fishfoodies posts to “The program for government” thread here: viewtopic.php?f=19&t=25692