Skippy 3 wrote:
Pin consensus c 2010 was that Nama was not selling cheaply enough.......
Lets see.. NAMA aquired 80B for 40B and borrowed 30B.. give or take. And all Irish banks are still trading insolvent. Try a Basel I statement of current trading position and just look at all those very negative numbers..
Most NAMA "income" is from asset sales. Lets looks at the numbers from the last public a/c's '15.
Project Arrow 6.25B par... sold for 800M
Project Boyne 300M par.. sold for 95M
Project Jewel 2.6B par .. 1.85B (but only because its a real asset portfolio.. and I suspect NAMA "valuation")
Total 8.5B... about 50% from selling real assets..
..and 5.5B in senior bond redemption.
The consensus in 2010 was that Anglo should have been allowed to fail. It would have cost less than 10B to cover the 20/30 year gov securities to recapitalize AIB/BOI. Which actually were of systemic importance.
As Ireland so far has only succeed in getting itself back economically to 1977 rather than 1987, still another 15 / 20 years to go..
Still most expensive bank bailout ever. Final cost? Over 70% of GNP? Actually we'll never know as now that the CSO has changed to fully conform to EuroStat's econometric methodology Ireland's GNP/GDP numbers are now completely meaningless. Pure gibberish. Much like the Cayman Islands. And Luxembourg.