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 Post subject: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 11:44 am 
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Real Estate Developer

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Interesting article in the indo. It appears that NAMA, like all bureauocracies is more interested in self preservation and featherbedding than actually getting the work done.

http://www.independent.ie/business/irish/durkan-slams-nama-as-building-firm-repays-all-its-bank-loans-2982553.html

From the article, it is doubtful whether this firm should have been in NAMA in the first place. I suspect that the lameduck banks wanted to get their hands on as much taxpayers cash as possible when NAMA was established, so they didn't separate the wheat from the chaff and threw the wheat to NAMA as well as the chaff. Anyway, good for this guy. I only hope that he wasn't sold his own portfolio back at a discount :!:

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 Post subject: Re: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 5:49 pm 
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Neo Landlord

Joined: Jun 23, 2011
Posts: 242
Being NAMAd had nothing to do with the performance of the loans or the quality of the assets backing them, just the nominal value of the loans. Good loans were taken with bad such that the state had some prospect of breaking even. The performance of the loans and quality of the assets were accounted for through the haircut applied to the individual loans. If Durkans are as viable as they claim then I hope they've paid the outstanding monies in full and not just settled for the amount that NAMA bought them off the respective banks, otherwise, they've received the benefit of the NAMA haircut and should shut the fuck up and be thankful for the services of NAMA, something the Irish taxpayer will never be able to say.


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 Post subject: Re: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 6:02 pm 
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Enoch Root wrote:
Interesting article in the indo. It appears that NAMA, like all bureauocracies is more interested in self preservation and featherbedding than actually getting the work done.

http://www.independent.ie/business/irish/durkan-slams-nama-as-building-firm-repays-all-its-bank-loans-2982553.html

From the article, it is doubtful whether this firm should have been in NAMA in the first place. I suspect that the lameduck banks wanted to get their hands on as much taxpayers cash as possible when NAMA was established, so they didn't separate the wheat from the chaff and threw the wheat to NAMA as well as the chaff. Anyway, good for this guy. I only hope that he wasn't sold his own portfolio back at a discount :!:


But Lenny said they would get the Good and Bad Loans it didn't matter.

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 Post subject: Re: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 6:04 pm 
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BuMble wrote:
Being NAMAd had nothing to do with the performance of the loans or the quality of the assets backing them, just the nominal value of the loans. Good loans were taken with bad such that the state had some prospect of breaking even. The performance of the loans and quality of the assets were accounted for through the haircut applied to the individual loans. If Durkans are as viable as they claim then I hope they've paid the outstanding monies in full and not just settled for the amount that NAMA bought them off the respective banks, otherwise, they've received the benefit of the NAMA haircut and should shut the fuck up and be thankful for the services of NAMA, something the Irish taxpayer will never be able to say.


Indeed, can anyone put a figure on the amount of Debt Forgiveness Durkan recieved then, an official figure mind?

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 Post subject: Re: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 6:22 pm 
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Neo Landlord

Joined: Jun 23, 2011
Posts: 242
Open Window wrote:
BuMble wrote:
Being NAMAd had nothing to do with the performance of the loans or the quality of the assets backing them, just the nominal value of the loans. Good loans were taken with bad such that the state had some prospect of breaking even. The performance of the loans and quality of the assets were accounted for through the haircut applied to the individual loans. If Durkans are as viable as they claim then I hope they've paid the outstanding monies in full and not just settled for the amount that NAMA bought them off the respective banks, otherwise, they've received the benefit of the NAMA haircut and should shut the fuck up and be thankful for the services of NAMA, something the Irish taxpayer will never be able to say.


Indeed, can anyone put a figure on the amount of Debt Forgiveness Durkan recieved then, an official figure mind?



Worse still, Durkans may have just selected some of their tastier assets to remove from NAMA, leaving the junk to rot in NAMA. Either way, unless they've settled all outstanding debt at book value as borrowed initially borrowed plus all accrued interest and penalties, they've been one of the few beneficiaries of NAMA, despite any failing on NAMAs part to provide working capital or whatever their beef with NAMA is.


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 Post subject: Re: Developer pays off NAMA to escape clutches
PostPosted: Sun Jan 08, 2012 6:33 pm 
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Might they be the total exception as in no one computed this scenario, well no one living that is.

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