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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 2:10 pm 
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Too Big to Fail
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He only hopped on the gravy train at the 2007 election, don't know what he did before then but I hope to God it wasn't anything to do with financial advice....

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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 2:13 pm 
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Homemaker wrote:
He only hopped on the gravy train at the 2007 election, don't know what he did before then but I hope to God it wasn't anything to do with financial advice....

Nah, he was a doctor.

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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 3:50 pm 
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Has anyone checked LV's numbers?

> Bought €350k, 2004
> Valued €500k, 2007
> Now worth c. €250k, allowing for a 50% fall from peak property prices
> Long-Term Economic Value (LTEV) €420k, using the formula outlined by NAMA chief valuer at to the Joint Oireachtas Committee on Finance


Are those figures correct? How does he get from worth €250k now to €420k LTEV?


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 3:55 pm 
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Larry wrote:
Are those figures correct? How does he get from worth €250k now to €420k LTEV?
He makes it up.

Just like Brian Lenihan.


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 4:13 pm 
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Look people, it doesn't matter what the figures are. he is using it to highlight something. he is taking a not untypical sceanrio. he may or may not have a car loan, he may not even live in an aprtment. Yeah,jonny I know NAMA takes over loans not apartments! :shock:
he is using the example to illustrate the wacky logic of NAMA. That's all! :roll:


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Sep 30, 2009 6:59 pm 
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http://www.herald.ie/national-news/td-o ... 00201.html
Quote:
TD offers NAMA his house, agency boss jokes he'd like it to take his own home
By Kevin Doyle - Wednesday September 30 2009

The head of the body that will control NAMA has joked that he would like the agency to buy his own house.

Top-paid civil servant Michael Somers, the chief executive of the National Treasury Management Agency (NTMA), says he missed the boat by not selling his house during the boom.

In a tongue-in-cheek letter to Fine Gael's Leo Varadkar, Mr Somers says: "I could have done very well by selling at the peak, renting and now buying a better house for a much lower price. However it wasn't to be."
(later)
Quote:
The letter was sent on September 11 and Mr Somers' bizarre reply came six days later.

He wrote: "Having bought my present house (in very poor condition) in 1994 I watched in amazement at the prices at which houses in the area were subsequently sold."

Writing about the collapse in the property market over the past year, he said: "We all have our theories about how this all happened."

And he concludes: "If your proposal is successful, I could be interested in looking at it myself."

Speaking about the unusual correspondence, Mr Varadkar said: "It's good to see there is a civil servant in the country who still has a sense of humour."
(More...)

http://www.irishexaminer.com/ireland/va ... 02225.html
Quote:
Varadkar offers ‘toxic asset’ to NAMA

By Mary Regan Political Reporter

Wednesday, September 30, 2009

IF you can’t beat them, join them.

After months playing the role of taxpayers’ hero against the villain bankers and developers, Fine Gael’s Leo Varadkar has decided to challenge them at their own game by offering to sell his apartment to the National Assets Management Agency (NAMA).

If, as a mortgage holder in negative equity, his home is treated like the investment properties of the big developers, he should get €420,000 for an apartment worth €250,000.

And one of the key players in setting up the agency, Dr Michael Somers, believes it’s such a good idea, that he told Mr Varadkar: "I could be interested in looking at it myself."
(More...)


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Jan 24, 2018 6:52 pm 
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Posts: 47
This thread being cited on Broadsheet given Leo's sock-in-mouth episode re deposits

http://www.broadsheet.ie/2018/01/24/youre-100-on-your-own-son/


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Wed Jan 24, 2018 11:50 pm 
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Posts: 5874
Location: SthDub
Perhaps they paid for his stamp duty if it was a 2nd hand house? Stamp duty was hefty back then


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Mon Jan 29, 2018 10:40 am 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3470
Location: Cathair na dTreabh
Varadkar’s apartment in deep negative equity
In 2005, he bought the Rosehaven penthouse, with a €355k mortgage from Ulster Bank.
In 2007, Varadkar, who last week revealed he had a 40-year 100% tracker loan, remortgaged his apartment for €405k.
Varadkar, a medical doctor and then a local councillor, was elected a TD in 2007.

We all partied, so to speak


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 Post subject: Re: Leo Varadkar offers to sell his apartment to NAMA
PostPosted: Tue Jan 30, 2018 9:26 pm 
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Posts: 2036
I wouldn't be surprised if the re-mortgage in 2007 was used to fund his election campaign in the same year.


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