Nama ‘must give a share of profits to developers’ - RONALD QUINLAN → independent.ie/national-news … 66545.html
Niall Mellon, people with talent, incentivise the developers - I wonder where and how Ronald Quinlan met him to have that chat.
It’s almost the end of 2010 and the IMF have been and gone and still, STILL this shit is coming out of their mouths and into the newspapers unchallenged.
Sure, no problem. Once the loans are paid back in full, you can have some profit Mr. Mellon.
I’m not quite sure he really understands the concept of profit…
This is why they should be in prison - they have no sense of right and wrong and no awareness of what they have done - a lack of/and or failure of legislation has enabled and encouraged them to keep thinking in exactly the same way and given the chance, keep doing exactly the same thing.
Why wouldn’t they?
Commenting on what he believes the State’s so-called ‘bad bank’ needs to do, he said: "If I was running Nama, I would bring in the developers and say ‘I want you to help us solve this problem. And if you do, you will get to keep your home. And if you can generate more money than Nama paid for the asset, then we’ll give you a share of it [the profit]’. That’s commercially driven management, and that’s what has to happen.
When developers are in Nama, there’s no point in talking to them about the debt they previously had with the banks. It’s all about reality now."
Here’s the reality, I’m a taxpayer and NAMA are working for me not you. As far as I’m concerned I’ll take my chances with them rather than the greedy developers who have already proved themselves to be the most incompetent business people in the history of the state. I hope NAMA do what the people of the country want and pursue you fools for every penny you have (and every asset you have tried to hide). When you have discharged your full liabilities you can have a share of what’s left once the cost of funding the deficit to that point has also been deducted.
How dare you ask me to fund your lifestyle your greedy c**t. I’ll happily fund jail time for any developers. Shame on the Indo’ for continuously publishing this crap.
By all means offset some of NAMA’s “profit” against the loss the banks have incurred in transferring the loan to NAMA in the first place but if Mr. Mellon thinks that NAMA should be divvying up hard cash to developers on what are only notional profits to benefit the spin doctors then he truly is away with the fairies.
I would be perfectly fine with his proposal if any of these developers had demonstrable skills. At the moment, all I know they know is how to borrow money, build property that nobody wants and go bust. What else, exactly, do these characters bring to the table?
You forgot all his charidee work!
What the fuck. I can’t believe I just read that piece.
Pat Kenny eat your heart out
I doubt you would. Read again what he says.
Basically, he says that NAMA bought the loan for a 60% discount. So they paid 40% of the outstanding loan value.
He is saying that NAMA should share any profits over 40% return on the loan.
I told yis this would happen, I fucking told yis. Wait to see more of the great and the good (and the relatively obscure) suggesting that paying back what NAMA bought for is a good idea and only fair.
I do remember you saying that Yog - if I recall correctly the idea was that the developers were insolvent until the state bailed them out, but instead of losing 100% of their assets as would normally be the case with a business liquidation, they were allowed to retain 40%. Was that it?
What a piece of shit.
The only way I will ever own my own house if if they go down in value. Is this guy actually a philantrophist? How much money does he owe Nama?
With their every utterance I get more convinced that Liam Carroll would be a better Chairman or Chief Executive of NAMA than Frank Daly or Brendan McDonagh.
As long as they didn’t let him borrow to buy shares
I don’t think he’s close to other developers so he’d roast all those guys who gave PGs too!
And we’d all live in shoeboxes happily ever after and have no NAMA shortfall
Nope. They’ll be able to buy back 100% of their assets for 50% of their outstanding loans (because NAMA only paid 40%…).
40% was average, so in some cases 50% is below market value of the loan?
Yeah, but they don’t have to tell anyone what anything was paid for on any loan… it’s a secret, see? Commercial confidence and all that. Too important for non-experts to see.
Was talking to some barrister friends yesterday and they said new litigation had really slowed down in recent months as Nama has quietly instructed all the developers and banks to stop using the courts to settle disputes. In 2011 they will be settling these matters in Nama conference rooms rather than the courts. Said barristers were rather gloomy about 2011 as a result; said all the public shitfights as the scale of the disaster hit home 09 and 2010 had kept the lights on down the Bar Library.
I suppose I’m torn between the capacity of quiet deals to be corrupt and a reluctant recognition that subsidising barrister lifestyles is not a great use of public resources.