Newshighlight from NamaWineLake – a blog concerning itself with NAMA – the National Asset Management Agency – “This week, 99.8% state-owned Allied Irish Banks sold €400m of assets – loans secured on property in Spain – and there wasn’t even a mention of it in the Irish media or at least an online search in [...]
READ MORE »
NAMA group structure.jpg From Wikipedia: “The National Asset Management Agency (NAMA; Irish: Gníomhaireacht Náisiúnta um Bhainistíocht Sócmhainní) is a body created by the Government of Ireland in late 2009, in response to the Irish financial crisis and the deflation of the Irish property bubble. NAMA functions as a bad bank, acquiring property development loans from [...]
READ MORE »
The Taoiseach today stated thatthe European Central Bank has cleared a deal to liquidate the former Anglo Irish Bank, the IBRC. Emergency legislation was introduced last night to transfer the loans to Ireland’s “bad bank,” NAMA. The Minister for Social Protection Joan Burton stated that the Irish people can be “optimistic” the agreement reached with [...]
READ MORE »
"We are very happy with the price secured for the asset," Brendan McDonagh, CEO, NAMA. Source: Irish Examiner – The Central Bank has officially bought the half-finished headquarters of Anglo Irish Bank. A price was agreed between Central Bank bosses and state-run "bad bank" the National Asset Management Agency (Nama) which took ownership of [...]
READ MORE »
Written by Foras Teamhrach
News – WSWS / Irish Times / Bloomberg – The Greek cabinet has stated that it would miss the deficit target set by the IMF and European authorities for 2011. According to the finance ministry, the deficit will exceed the target of €17.1 million, and would reach €18.69 billion ($25 billion)—about 8.5% of gross [...]
READ MORE »
Written by Foras Teamhrach
The Irish Independent wrote on Thursday that the Government is to announce details of a new fund that will use the National Pension Reserve Fund to “spur investment.” The Strategic Investment Fund is being promoted by the Government as a forerunner to a strategic investment bank. This was a key policy of the Labour [...]
READ MORE »
Written by Foras Teamhrach
A Quote from Prime Time, 7th September 2011- “We all know the story by now, we built an we bought, and then we built and we bought some more.” – Which is known as an example of anaphora: repetition of a word or phrase at the beginning of successive phrases, clauses, or sentences. "We [...]
READ MORE »
Written by Foras Teamhrach
Comment: If agricultural land is being sold back to its original buyers, than it is certain that development land is too, and that the widespread suspicions that NAMA is enabling developers to buy back land on the cheap seems to be based upon solid evidence. @ Irish Independent – “One of the most striking [...]
READ MORE »
Written by Foras Teamhrach
@ idevelop.ie- “Developers whose land or property has been taken over by Nama will be able to buy back their assets despite assurances by the government when the agency was being set up that this could never happen. … Meanwhile, Michael McGrath, the Fianna Fáil TD and member of the Dáil’s Public Accounts Committee [...]
READ MORE »
Written by Foras Teamhrach
Irish Times – “The Fianna Fáil-Green government considered the National Asset Management Agency (Nama) “might prove to be a laboratory” for other European Union states faced with banks on the brink of collapse, according to the latest batch of diplomatic communications published by Wikileaks. Ireland’s permanent Ambassador to the EU, Rory Montgomery, made the [...]
READ MORE »