Short Movie, Subject: NAMA - Need Users Input

To Pinsters One and all. I humbly need your help.

I am working on a very short 2/3 minute NAMA infomovie with my limited time and hope people can help.

I need as many short to the points “factoids” about NAMA and whatever else you can come up with so list them here.

My aim is to highlight the madness in a very simple and hopefully metaphorically humorous manner. So example of one kind of to the point “facts” that would flash up on screen every few seconds could be,

I need to sum up as much information as simply and quickly as possible.

I obviously haven’t the time to trawl through NAMAwatch so I rely on the sharpest of pin wit and generosity of your mind.

All creative and factual input greatly appreciated.

Thanking you in advance, Open Window

Jasus man- how many fecking hours are there in your day? The rest of us are stuck with a mere 24 ! That said I will look around for a few tuppence worth you might use. Good Luck with that.

Not enough hours, days or me… Thanks but its not a valid contribution LL. I need FACTOIDS people and I need them quick!

The Irish banks are owed about €30 billion by the top 50 developers.

Richard Curran. Sunday Business Post
irishtimes.com/newspaper/ire … 93133.html

First images that come to mind

Is it Capitalism (picture of Adam Smith?)? Is it Socialism (Picture of Marx?) No - Its NAMANISM (Picture of some of our scumbag elite)

NAMA rewrites Irish Contract Law - Financial Institutions may enter legally binding contracts with absolutely no risk attaching to their actions. The other party on the other hand is stuck with a mortgage for life.

NAMA is MAGIC (Image) - it will turn ghost estates into Carribean cruises and Algarve golf holidays (Cue picture of Seánie Fitz golfing it up) - meanwhile Joe 20 or 30 something is stuck in his rain sodden negative equitied home (cue image of semi-d with bars on te windows and FTB couple inside)

NAMA is how many Croke Parks full of money worth of debt?

NAMA is dole queues

NAMA is emigration

NAMA is extremism

NAMA is death in hospitals and mental collapse via the non-education system

An SPV of €100 Million
51% in private hands
controlling €54 Billion

€9 Billion in rolled-up interest

€250 million a year in management fees
10 years of management
€2.5 Billion (estimated) fees

€5-10 Billion in workout lending

Whats the odd billion between friends?

I like the old factoid of:

1 million seconds is 11.57 days

1 billion seconds is 31.7 years!

“If these assets end up being worth 30 billion [euros], and we paid 60 billion [euros], the fact that we did it with a note with a low coupon is besides the point.” Karl Whelan–UCD economist as quoted in Wall Street Journal

“They are going to be involved in selling and developing property, as a government, for many years.” (same source)

“Gross government debt including NAMA [National Asset Management Agency] liabilities will rise to over 110% of GDP by the end of 2010 [77% excluding NAMA]. . . . As recently as the end of 2007, gross government debt was just 25% of GDP. The rise in debt is likely to push the ratio of debt interest payments to revenue above 15%, one of the highest among Fitch-rated sovereigns in the ‘AA’ range, reducing fiscal flexibility.” Fitch Ratings Inc.

Keep em coming short ones and long ones. I can put the long quotes in at the end rather than the main 2 min feature.

Via NAMA draft business plan:
nama.ie/Publications/2009/Bu … 3OCT09.pdf

Loan book eligible for transfer: €77bn
€49bn land and development loans (€28 billion and €21 billion respectively)
€28bn Associated loans

Interest roll-up €9bn

Net original balance (excluding roll-up): €68bn

Estimate of current market value: €47bn

Estimated consideration payable: €54bn

Nominal value of derivatives portfolio to be acquired by NAMA: €14.6bn

Anglo Irish is not a high street bank, it does not deal with small businesses, it never courted the general public. why are we bailing it out. who benefits etc…
If they couldn’t see Lehman brothers coming, how can they tell what anything will be worth in ten years time.
The models NAMA are using to calculate housing market in ten years time are based upon markets that had property tax. Ireland didn’t have property tax and as a result the slow release of property during the bubble was pure manipulation as empty property incurred no cost to the seller as long as prices rose.
There is still no true figure on the amount of unused and unsold stock that ultimately will determine prices in the housing market. If you can’t measure it, you can not manage it!

Best of luck.

More from the NAMA draft business plan:

2010 - NAMA Debt outstanding: €54.0bn NAMA Debt repayment: €0

2011 - NAMA Debt outstanding: €54.0bn NAMA Debt repayment: €0

2012 - NAMA Debt outstanding: €54.0bn NAMA Debt repayment: €0

Deus ex machina*

2013 - NAMA Debt outstanding: €47.5bn NAMA Debt repayment: €(6.5)bn

2014 - NAMA Debt outstanding: €41.0bn NAMA Debt repayment: €(6.5)bn

2020 - NAMA Debt outstanding: €0 NAMA Debt repayment: €(8.5)bn

Seems it’s:
€240 million in mangement fees
11 years of management
2.64 billion in fees

thepost.ie/commentandanalysi … 45312.html

Peter Mathews in the Tribune:

tribune.ie/business/article/ … k-before-/

bankermathews.com/nama-whats-wrong/

Developers expected to make €74bn in repayments from assets expected to be worth €51bn

True Patriots!

A dig-out for the country. Bertie would be proud!

Oh jesus setting aside recovery rates… bare with me on this its late and I’ve done 4 hours of editing…

74bn - 54bn = 20 Bn + 12 (day one loss, Peter mathews) = 32 Billion Initial Loss?

(74-54)+12=32

The 74 is not real nor is the 54 or the current market value because everything is still falling. LTEV aside its a massive loss without the gain of real discount.

Right to bed with me more tomorrow I know there will be clarity to my madness.

No.

77 bn is the value of the loans, including 9 bn in related loans, (helicopters etc.) I don’t know what portion of the 77 bn is rolled up interest.
The current market value is allegedly 47 bn. Nama is paying a premium of 7 bn, ie 54 bn.

Sweet mother o’jesuits…

9bn is the rolled up interest!

There is no initial loss OW, it’s a presumed upfront saving, i.e. discount! :mrgreen: