NAMA, Wallace & the Robinsons

Mad stuff altogether from Frank Daly at the PAC today … -1.2374272

Does it really “stretch belief” if personal guarantees were involved and you have a chance to walk away from 100 pence in the pound debt by refinancing elsewhere at 50 pence in the pound ?
Really Frank ? Really?

The NAMA act stops NAMA from allowing borrowers to refinance out at 50 pence in the pound.


Hat-tip to NWL for tweeting it.

Noonan told DUP ‘only one buyer’ for Nama assets before the sales process had even begun, The Irish News.

Michael Noonan has a lot of explaining to do! Why were Fine Gael acting against the interests of the taxpayers?

I’ll bite.

In what way were Fine Gael acting against the interests of the Taxpayer…

Seriously? It was up to NAMA to secure the best return for the Irish taxpayers, yet here we have our Minister for Finance assuring the DUP that there would only be only one potential buyer? Why was this deal done with the DUP? Why was the Deputy First Minister not informed about these meetings? Why did Michael Noonan deliberately mislead the Dáil when directly asked questions about these meetings? It has subsequently been alleged that the leader of the DUP was set to benefit by millions of euros of kick backs and that the sales price received resulted in a massive loss to the taxpayer.

Was Fine Gael channeling taxpayers money to the DUP and why?

Where does it say he ensured there would only be one bidder?

Odd considering the potential bidder at the time was Pimco yet there were over 10 bidders in the process before the 3 final preferred bidders were chosen and then cerberus ended up winning it.

Edit; there’s enough to slate the govt over without having to make stuff up.


Who is making stuff up?! Can you apply another meaning to the phrase ‘only one potential buyer’? What was Michael Noonan up to?


You are making stuff up.

You stated

The article never states noonan gave any assurances. It states that Noonan said there was only 1 potential buyer, most likely because, at the time, Pimco was the only company that had expressed an interest in buying the portfolio. This meeting occurring before Nama’s sale process kicked off.

Article also stated Nonnan said nama would not put conditions on a sale (i.e. release PGs like the DUP wanted) as it would affect it’s return to the taxpayer.


What complete nonsense! It’s all there for everyone to see.

It was Michael Noonan’s duty to secure the best price for the taxpayers, not to stitch up a deal for the DUP. Why was it any concern of Michael Noonan about ‘social obligations’ towards anyone except the Irish taxpayers?


And was it sold to cerberus? A fund not exactly known for its social awareness.

Yes, but the DUP have no interest in ‘social obligations’. The same fixers were in place for both Pimco and Cerberus. The same deal was done regardless of who bought it and the taxpayer got stuffed regardless.

Michael Noonan has a lot of questions to answer. Why did he just deal with the DUP and not with both the First and Deputy First Minister as he should have? Why did he mislead the Dáil over and over again? … -1.2405514

well, this is awkward… eh, Mick, any chance you can pay us the money you borrowed?

didn’t he said he didn’t owe anything to Irish banks? 'cos they wouldn’t lend to him - him being a rebel and all?

he originally said he’d no personal guarantees either

he wouldn’t lie would he?


Why? Did Cerberus just acquire this loan? If they already had it, then what has changed? If not then whoever else might have bought it would also be in the same position in call it in, no? So what has changed?

So what’s your point again except to smear Mick Wallace?

Fascinating to watch the usual suspects trying to attack one of the only TDs who has raised the veil on the murky dealings surrounding NAMA. Laughable really. What good will it do?

To me a big question is whether slicing the northern Irish loan book into smaller chunks would have put within more bidders reach and extracted higher value.
Selling to a single buyer suits politicians more than the taxpayer.

Also given the focus on forgiving personal guarantees - did this northern advisory committee act as a break on taking judgements against northern borrowers for the years Nama was managing the loans.

This was covered elsewhere a few weeks ago. In the SBP I think. Wallace’s loans were bought from another bank which was winding up its Irish loan book (I don’t remember which, maybe ACC?). They weren’t bought from NAMA.

I’m fairly sure I said ‘debt threat’? But ‘sorting out’ someone is a threat either way, and it’s a shame that our TDs get threatened for doing their job.

I notice you’ve avoided answering a question in my last contribution by the way…? :angry:

And why are you so gleeful about the massive loss the taxpayer has made on the Project Eagle deal? Seems you’ve chopped off your nose to spite your face?

What does that mean?

So are you saying that Cerberus bought a specific loan in order to try to shut up one of our TDs from asking questions? Is that what ‘sorting out’ is? That’s somehow good, is it?? :unamused:

What the fuck? Are you saying that it doesn’t matter how much NAMA now sells the loans for? I think you’ll find yourself in a minority position with that argument.

Fine Gaelers are fucking pathetic.

Grouping together thousands of properties into one single**** €6.25 BILLION**** portfolio is what’s wrong! Split it up into numerous smaller portfolios so that there would be more bidders (including domestic bidders) would result in a higher price and a better return for the taxpayer. Many of the assets could also be used immediately to help address the housing crisis but instead they are being gifted to a foreign vulture fund for 12.5c in the Euro! EVERY TD should be objecting to this not just Gerry Adams and Mick Wallace. The ignorance and stupidity of people astounds me.