NAMA will work. Frank Fahey says it will so nyah boo !!

[2Pack]

NAMA will works sez Frank. Frank is basing his comments on a briefing sent by Brian Lenihan and the dept of Finance to all government TDs with a strict instruction to work their own local media up. Naturally Franks bolded assertions are not backed up with any specific information but you get an idea of what Finance is telling them to say down the country .

Some of it is extracted from/references without attribution an Alan Ahearne op-ed in the business post last week , see here

galwayindependent.com/local- … g-system-/

And who has seen this IMF report Frank , certainly not you ??

Galway West TD Frank Fahey has rejected claims that Nama will not stabilise the banking system. Mr Fahey was responding to claims made by his constituency colleeague Michael D Higgins in this paper earlier this month.

"Nama will buy loans from the banks and will thereby remove the uncertainty surrounding the banks balance sheets.

This will allow the banks access to liquidity and enable them to start lending again. Banks are the lifeblood of the economy and the stability of the banking system is crucial to supporting our jobs and our economy.

"Deputy Higgins advocates nationalisation of the banks but this would not of itself clean up the banks’ balance sheets. We just have to look at Anglo Irish Bank to see the proof of this.

“There is no doubt that the Nama will require the banks to bear substantial losses on transfer of the assets. This will reduce the banks’ capital. Should further recapitalisation of a bank be necessary as a result of Nama, the Government has made it clear that any further capital injections, which it has to make, will be by way of equity capital. This will increase the State’s ownership stake in the bank. The reality is nationalisation is always a last resort, as it would require the state assuming more risk than it has to.”

However, Deputy Fahey did acknowledge Deputy Higgin’s point regarding possible social applications of Nama.

“Deputy Higgins mentions that some of the land held by Nama could have better social value than a market value. I agree that the establishment of Nama could provide the state with the opportunity to buy lands for state institutions such schools, hospitals etc at a much more reasonable price to the taxpayer.”

Mr Fahey said **the Government’s approach (with Nama) had been supported by the IMF, who opposed pre emptive nationalisation. The IMF, he said, report that temporary nationalisation could become necessary but must be seen as complementary to Nama. **

“Financial markets and international commentators have reacted positively to the draft Nama legislation. Spreads on Irish Government bonds over German bonds have narrowed to near their levels prior to the nationalisation of Anglo Irish Bank in January. The Financial Times said last week that “nine tenths of the detail of the plan are absolutely right”, its only concern being that the proposed bank levy in the event of Nama making a loss might be too hard on the banks,” he added.****

[Orwellgeorge]

Frank’s support for NAMA should be broadcast far and wide. He and his ilk have benefited from the banks largese. The public are just beginning to turn. Support form Frankeen will push the public furhter into resisting NAMA.

[yoganmahew]

“pre emptive nationalisation”? Spin bluster and bullshit.

However, "The IMF, he said, report that temporary nationalisation could become necessary but must be seen as complementary to Nama. " is interesting. That’s a number of times now we’ve heard the roll-back on the “no, nay, never”.

Get ready for a big dilution. Concentrate on the other odious aspects of NAMA. The price battle has been won (and may have been a smokes and daggers act all along).

What about private equity?
What about derivatives?
What about transparency?
What about Dail oversight?

So, what are the assets? Who are the loans to? How will they be worked out?

[2Pack]

I am wrong the IMF report was released 2 months ago . Karl Whelan analysed it

irisheconomy.ie/index.php/20 … alisation/

The IMF said , NOTE Frankeen .

nationalization could become necessary but should be seen as complementary to NAMA. Where the size of its impaired assets renders a bank critically undercapitalized or insolvent, the only real option may be temporary nationalization.

The IMF went further and stated that BRIAN LENIHAN WAS NOT LISTENING TO THEM !!!

**The authorities ( Brians) prefer that banks stay partly in private ownership to provide continued market pricing of their underlying assets. They ( Brians ) disagreed with the (IMF) staff’s view that pricing of bad assets would be any easier under nationalization. **

They ( Brians) were also concerned that nationalization may generate negative sentiment with implications for the operational integrity of the banks. Staff (IMF) emphasized nationalization would need to be accompanied by a clear commitment to operate the banks in a transparent manner on a commercial basis. In particular, nationalized banks should be subject to the same capital requirements and supervisory oversight as non-nationalized banks. And, a clear exit strategy to return the banks to private operation would be needed.

The IMF has not endorsed NAMA, it has expressed GRAVE reservations about what the government is up to: if anything .

[gaius]

Does Frank have any bonds to go with his extensive property portfolio?

[beolight]

I am wrong the IMF report was released 2 months ago . Karl Whelan analysed it

irisheconomy.ie/index.php/20 … alisation/

The IMF said , NOTE Frankeen .

nationalization could become necessary but should be seen as complementary to NAMA. Where the size of its impaired assets renders a bank critically undercapitalized or insolvent, the only real option may be temporary nationalization.

The IMF went further and stated that BRIAN LENIHAN WAS NOT LISTENING TO THEM !!!

**The authorities ( Brians) prefer that banks stay partly in private ownership to provide continued market pricing of their underlying assets. They ( Brians ) disagreed with the (IMF) staff’s view that pricing of bad assets would be any easier under nationalization. **

how come no journalist is able to pick up on this point

or do they all have to be drip fed everything

They ( Brians) were also concerned that nationalization may generate negative sentiment with implications for the operational integrity of the banks. Staff (IMF) emphasized nationalization would need to be accompanied by a clear commitment to operate the banks in a transparent manner on a commercial basis. In particular, nationalized banks should be subject to the same capital requirements and supervisory oversight as non-nationalized banks. And, a clear exit strategy to return the banks to private operation would be needed.

The IMF has not endorsed NAMA, it has expressed GRAVE reservations about what the government is up to: if anything .

[ewd3]

has a big bag of property

He doesn’t want a big wedge of property to come on the market or for us to acknowledge the prblem

Long term economic value will allow frank the fiction that his pile of shite is still worth what the tax payer over pays for the banks steaming pile of shite.

[The_Naked_Chef]

@ewd3

has a big bag of property

He doesn’t want a big wedge of property to come on the market or for us to acknowledge the prblem

Long term economic value will allow frank the fiction that his pile of shite is still worth what the tax payer over pays for the banks steaming pile of shite.

MMMM, How many properties does Frankie own". Could Frankie be namanised? Is that what hes hoping for?

Just asking like.

[weathervane]

“pre emptive nationalisation”? Spin bluster and bullshit.

However, "The IMF, he said, report that temporary nationalisation could become necessary but must be seen as complementary to Nama. " is interesting. That’s a number of times now we’ve heard the roll-back on the “no, nay, never”.

Get ready for a big dilution.

I agree, there’s definately been a softening in the Govt position re. nationalisation. I get the feeling that they now realise they can’t value the loans high enough to plug the capital gap and that we (the taxpayer) will have to capitalise the banks post NAMA. Public pressure, on the Greens in particular, seems to be bearing fruit.

wv

[dloob]

Well if our own Frank is for it, it must be good.

Frank at least in 05 had a share in over 20 developments from Galway to Boston to Moscow.

independent.ie/national-news/greens-make-political-hay-while-the-sun-shines-hard-on-junior-minister-132634.html

[2Pack]

Well if our own Frank is for it, it must be good.

Frank at least in 05 had a share in over 20 developments from Galway to Boston to Moscow.

independent.ie/national-news/greens-make-political-hay-while-the-sun-shines-hard-on-junior-minister-132634.html

That article of yours references a notorious stunt pulled by Frank in 2006 . While junior minister for justice he alleged that certain people were engaged in a deliberate smear campaign against him ( hoping to keep his investment advising career in Moscow quiet ) and sent the guards off investigating for 6 months . It worked. A long series of articles on Franks business dealings came to an end in the Irish Times .

Some time later

independent.ie/national-news … 60405.html

by Sam Smyth .

JUNIOR minister Frank Fahey remained silent last night after gardai said there was no evidence to support claims of a politically-inspired smear campaign against him.
For more than six months a team of detectives have investigated the claims but sources say detectives found “absolutely nothing” to support Mr Fahey’s assertions.

When such serious allegations are made by a Government minister, especially in the justice department, they are exhaustively evaluated by gardai.

Frankeen named some names to the guards including Kevin McHugh from Killybegs who owned the Atlantic Dawn megatrawler .

It was against this background and increasing media interest in his business affairs that **Mr Fahey declined to speak to the media, and then claimed he had been targeted by shadowy republican figures in Galway.

Mr Fahey said he had been put under surveillance by people who had started a smear campaign aimed at hounding him out of politics in Galway. While the garda probe was active, he refused to discuss questions about his business affairs. **

Minister for Justice wastes 6 months of Garda time , shock horror !!