NAMA - The Irish Pyramid Scheme's monumental legacy

Just wondering - if Pinsters and every dog and cat in the Street know that prices have fallen by 45% in residential properties. Commercial Properties have fallen more.
Why would NAMA only discount 20% - Is this a silly question to ask here? Is the Country and its people -Gone Mad!!

Cos if they pay less the banks all go bang.

Because the spin is that NAMA is buying the loans not the full property asset. The loans should be, but in reality are not, only be a percentage (normally 70%) of the asset value.
I know many banks that lent 100% plus of the asset value - and a 20% haircut is a big “porky”.

Hi,

Can someone point me to some Good posts on the whole NAMA Project…

Familiar with the basics but have fallen behind with the detail…(timings, valuations, how is it priced, future projections about economy, how its run, etc)

Appreciate any help!

Thanks

https://www.theartofe.com/images/snakebank.jpg
theartofe.com/images/snakebank.jpg

Perfect!

Stories to read to the future generations’ young:

How come all your photo bucket images is dead?

He’s doing a reorg at the moment - see the main images thread in the Piston.

Any update to this … :laughing:

I have more - didn’t want to NAMA everyone to death - that’s the government’s job!

What stage is NAMA currently at?

I’m wondering if it can still be stopped?

I’m sitting here at my computer, thinking how badly NAMA is going to screw us as a country, and I just realised that I can’t just let it happen, I have to do something. It’s all well and good to say “I told you it was going to be bad” after NAMA has happened, but I’d much rather try to stop it, if it can be.

The legislation’s being prepared (read ready but we’re hiding it in case you get to figure out how bad it is) - with the final figures not likely to be known until the middle of next year - but that won’t stop them voting on it in September!

The only way to stop it is for the Greens to refuse to support it.

They’re having a party conference this weekend.

Thanks WGU.

The Greens are the ones to get in touch with then.

I only hope they realise that if they don’t oppose more of the governments strategies, including NAMA, they will go the way of the PD’s. If they can be motivated to oppose NAMA, even if it’s only through blatant self-interest, I’ll be happy*.

  • IMO, if NAMA goes ahead, we’ve got decades of pain ahead of us, without it we’ve got years. So ‘happy’ in this case is relative.

Quote “The only way to stop it is for the Greens to refuse to support it.”

I really can’t face the prospect of this going through as anticipated - the suicide ‘smiley’ wouldn’t be nearly sufficient to represent how I’d feel. The 'pinsters organised a rally against HCL. This is FAR, FAR, FAR more important - by many orders of magnitude - we really can’t sit back and do nothing.

Can we begin by bombarding the Green TDs, ministers and councillors by email? I’ve made a start by collating their contact details. Can someone with a good grasp of the issues and a nifty way with words compose a short letter to send to them?

We should be in touch all TDs in fact - a proposed write down of only 20-25% is treason.

Emails of GP representatives:

TDs:
Ciaran.Cuffe@Oireachtas.ie
paul.gogarty@oireachtas.ie
john.gormley@environ.ie
eamon.ryan@dcenr.gov.ie
tsargent@greenparty.ie
marywhitetd@eircom.net
marya.white@oireachtas.ie

Senators:
dboyle@oireachtas.ie
deirdre.deburca@oireachtas.ie
deburcaoffice@yahoo.ie

Councillors:
brian@brianmeaney.net
cllrlburke@eircom.net
franksnowe@gmail.com
sfitzgerald@greenparty.ie
malnoonan@eircom.net
marianne@louthgreenparty.org
mark@louthgreenparty.org
mary.kavanagh06@hotmail.com
vpmartin@eircom.net
kristinagreen@hotmail.de
niamhfitzgibbon@utvinternet.com
forde@utvinternet.com
1patkavanagh@gmail.com
kazu@eircom.net

National Council (policy making body)
trish@limerickgreens.org
rodericogorman@gmail.com

Communcations manager: damian.connon@greenparty.ie
Press Officer: nicola.cassidy@greenparty.ie