Board index » The IRISH PROPERTY BUBBLE » NAMAwatch (Pt. I)

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue May 31, 2016 5:11 pm 
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Two men have been arrested in a fraud investigation in the North.
Searches were carried out in Co Down in connection with the inquiry into the controversial £1.2bn sale of assets and property owned by the Nama to US investment firm Cerberus. http://www.rte.ie/news/2016/0531/792330 ... n-ireland/


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Tue May 31, 2016 11:28 pm 
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I heard RTEs Sean Whelan on the Six O Clock news. At one point he was at pains to stress that as the allegations were on the "Buy" side and Nama were on the "Sell" side there was no issue for Nama. Jesus Christ seriously ? :roll:
Is Sean Whelan angling for Paul Reynolds job ?


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Jun 01, 2016 9:06 am 
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GameBlame wrote:
I heard RTEs Sean Whelan on the Six O Clock news. At one point he was at pains to stress that as the allegations were on the "Buy" side and Nama were on the "Sell" side there was no issue for Nama. Jesus Christ seriously ? :roll:
Is Sean Whelan angling for Paul Reynolds job ?

+1

Perhaps Enda got one of Sean's family a J1 too ?

Just like with the Frank Flannery VAT evasion (Rehab) and Panama disclosures, this one will be ignored long enough for Enda and Michael to retire first.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Sun Jul 17, 2016 10:03 am 
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Nama’s worst nightmare comes a step closer - -> http://www.irishtimes.com/opinion/john- ... -1.2723803

Quote:
What is significant about Daly’s letter is that it knocked on the head the notion that the controversy around the 2014 sale of its Northern Irish assets has nothing to do with Nama.

The agency had stuck grimly to this line ever since it emerged last July that some £7 million in fees associated with the sale were diverted to an Isle of Man bank account for the benefit of some unnamed individuals.

The money had been lodged by Ian Coulter, the then managing partner of Belfast law firm Tughans. Along with US law firm Brown Rudnick, they had advised the US investment fund Cerberus, which bought Nama’s Northern Irish portfolio, dubbed Project Eagle.

there is more


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Thu Aug 18, 2016 3:45 pm 
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Well, well, well as many neutrals suspected it seems that SF were just playing politics with this all along. And please I don't want anyone to seriously suggest that the implicated SF ex-Chair of the Finance Committee was doing a solo run on this.

So what was really a story about buy-side shenanigans among EAs in NI ballooned into a false scandal when SF started manipulating loyalists, and agents with their own agendas such as Mick Wallace, to assist them in flinging political mud and thus diverting attention away from their own political troubles, with not a care about the collateral damage to any non-combatants such as NAMA in doing this.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Thu Aug 18, 2016 6:00 pm 
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onioneater wrote:
Well, well, well as many neutrals suspected it seems that SF were just playing politics with this all along. And please I don't want anyone to seriously suggest that the implicated SF ex-Chair of the Finance Committee was doing a solo run on this.

So what was really a story about buy-side shenanigans among EAs in NI ballooned into a false scandal when SF started manipulating loyalists, and agents with their own agendas such as Mick Wallace, to assist them in flinging political mud and thus diverting attention away from their own political troubles, with not a care about the collateral damage to any non-combatants such as NAMA in doing this.



Lovely to see such progress in The North, what with both sides now working so closely together.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Sun Sep 11, 2016 5:27 am 
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Quote:
Pressure is growing on the Government to publish its report into Nama's multi-billion Project Eagle

“We are anxious for it to be published as soon as possible,” Fianna Fáil finance spokesman Michael McGrath told TheJournal.ie.

PRESSURE IS GROWING on the Government to publish its report on the sale of Project Eagle, Nama’s loan book in the North.
Fianna Fáil have called on Minister for Finance Michael Noonan to release a report by the Comptroller and Auditor General (C&AG) into the sale by Nama of its Northern Ireland properties.

Last Wednesday, Noonan said he had been in possession of the report since the middle of August.

Sinn Féin have called for a commission of investigation, following leaks that suggest “hundreds of millions of euros” were lost due to shortcomings in the transaction, which was approved by Minister for Finance Michael Noonan.

The C&AG report was requested after allegations that a Belfast businessman, who had been advising Nama, had also been working for a US company seeking to buy the state agency’s Northern Irish property portfolio.


http://www.thejournal.ie/project-eagle- ... 9-Sep2016/

Quote:
All eyes on Taoiseach as calls for Nama inquiry now too strong to ignore
Latest revelations the strongest argument yet for a cross-border probe, writes Shane Phelan

It was a grubby deal conducted by two men sitting on the plush leather seats of a blue Jaguar.

"There's Stg£40,000 in that and it's in bundles of two, Frank," said a rasping voice with a Co Down accent.
The words were spoken by property developer John Miskelly as he handed a bag of cash to Nama advisor Frank Cushnahan.

The date was August 17, 2012, and Mr Miskelly was paying the cash to Mr Cushnahan in a bid to get out from under Nama.
Mr Miskelly had once been one of the North's richest men, with a fortune in excess of €70m. But the economic crash left him in danger of losing valuable assets after multi-million pound loans ended up in Nama.

He was anxious to regain control but a major stumbling block was Nama's refusal to sell back the loans.

In return for the cash, Mr Cushnahan pledged to come up with a scheme to extract Mr Miskelly's loans from Nama, suggesting he would get the assistance of Nama's then head of asset management, Ronnie Hanna.

"Ronnie and I are thick as thieves," said Mr Cushnahan.


http://www.independent.ie/opinion/comme ... 37617.html

Quote:
Nama calls for garda probe of Cushnahan

Nama has made a formal complaint to gardai that the Belfast businessman Frank Cushnahan, a former member of its Northern Ireland advisory board, may be guilty of corruption in the Republic as well as the north.

The state asset management agency reported its former director to anti-fraud police in Dublin and Belfast just as the comptroller and auditor general (C&AG) — the Republic’s spending watchdog — found that shortcomings in the sale of Nama’s Northern Ireland portfolio could have cost the taxpayer hundreds of millions of euros.

Nama filed a formal report to gardai on Friday under section 19 of the Criminal Justice Act, which obliges individuals or public bodies to inform gardai when they may be able to assist in securing a prosecution or conviction.

The report follows a BBC Spotlight investigation which broadcast a recording of Cushnahan appearing to solicit a £40,000 (€47,250) bribe from a businessman in Northern Ireland.


http://www.thetimes.co.uk/edition/irela ... -3l0wgtnsc

Quote:
Revealed: Nama man's unheard claims
Enda Farrell pleaded guilty to leaking Nama's commercial secrets - but was he the only one to have 'gone rogue'?

But if the statements made by Enda Farrell to detectives who investigated him for his leaking in 2012 of confidential information relating to the financial affairs of numerous of Nama's biggest borrowers are to be believed, the media's shorthand description of Nama as a 'toxic' loan agency takes on an altogether different meaning.
While Farrell's guilty plea prevented the allegations he made to gardai from being ventilated and interrogated in open court, the Sunday Independent understands that they include numerous claims, which if true, suggest that the leaking of confidential information from the agency was far more widespread than Nama chiefs would wish to countenance, let alone concede.


http://www.independent.ie/business/iris ... 38360.html

Sorry to spoil Sunday morning

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Sun Sep 11, 2016 3:32 pm 
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Quote:
The Comptroller and Auditor General report into the sale of NAMA's Northern Irish loan book will be published later this week.

Speaking on RTÉ's The Week in Politics, Government Chief Whip Regina Doherty said that the report will be brought to Cabinet on Wednesday and will be published later that day or on Thursday morning.


http://www.rte.ie/news/2016/0911/815775-nama/

You wait ages for a crisis and then three come along at one. Typical :D

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Mon Sep 12, 2016 5:36 am 
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Quote:
The National Asset Management Agency (Nama) is set for an unprecedented showdown with the State's spending watchdog over its report on the controversial sale of the agency's northern loan portfolio, Project Eagle.

A Comptroller & Auditor General (C&AG) report to be published this week concludes that shortcomings in the sales process resulted in hundreds of millions of euro potentially being lost.
It found that Nama could have achieved a better price for the portfolio, which was once valued at €5.7bn but was sold for €1.6bn to vulture fund Cerberus in April 2014.

However, informed sources have said Nama is set to "robustly" reject the core findings when the report is published.


http://www.independent.ie/business/iris ... 40707.html

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Mon Sep 12, 2016 5:00 pm 
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Daly and McDonough are up against it here
Nama can bullshit and bully loads of people but bluster only goes so far. I expect a blustering appearance from Daly in which every word will be parsed and aggressive but equivocal and full of blithe non sequiturs.


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Sep 14, 2016 11:03 pm 
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GameBlame wrote:
Daly and McDonough are up against it here
Nama can bullshit and bully loads of people but bluster only goes so far. I expect a blustering appearance from Daly in which every word will be parsed and aggressive but equivocal and full of blithe non sequiturs.


Ready
Steady
Dissemble !

http://www.irishtimes.com/news/politics ... -1.2791233


Quote:
Ireland’s bad bank said the £1.3 billion sale to US investment fund Cerberus two years ago was “the best achievable result”.


Yes in a manner of speaking. You achieved the 'best result' given the process you followed. The result of a flawed process.

Quote:
“It is clear to us that, if Nama had retained the Eagle portfolio, there would be no investor interest in buying it today – or in the foreseeable future – at anything close to the £1.322 billion price that was actually achieved,” he said.


Is that as one portfolio ? And with all the whiff about the process. You might be damn right again ! No one would touch your process


Pure distraction tactics. The question is - Why one big loan sale ? Did you sell all your London loans in one go ? Did you sell all your Scottish? Might there have been a political reason for this monster sale of all NI Loans ? Is there a clause about 'political reasons' in the NAMA Act that allowed you to do this ?


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Sep 14, 2016 11:11 pm 
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NWL makes the point that the portfolio was forecast to generate £1.65bn in cash before 2020; if correct then selling it doesn;t make much sense. I'm not sure which NWL this was though.

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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Wed Sep 14, 2016 11:16 pm 
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I'm only on page 1 and 2 of the report and you see the amazing lack of arse covering by Daly and McDonough
http://www.audgen.gov.ie/documents/spec ... _Eagle.pdf

Point 8

Quote:
NAMA has stated that, although not recorded formally, it considered and rejected alternative disposal options including aggregation by location of the property collateral or by property type (e.g. retail, offices, development land), and separate sales of loans of individual debtor connections


There was literally no formal scenario analysis :shock: :shock: :shock: :shock:

Quote:
NAMA has stated that the factors that influenced its decision to change its Northern
Ireland strategy were the emergence of the loan sale option, the political and crossjurisdictional
context
in which it held the Northern Ireland debtor assets, and its assessment that its relationship with the Northern Ireland debtors was deteriorating.


Where is that allowed in the NAMA act as a factor for the board in its decision making? oh I remember now. Nowhere

Fire the board
Fire the CEO
Fire Noonan


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Thu Sep 15, 2016 9:13 am 
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C&AG have said this morning they do not talk to the Media outside of Press releases.

So free rein for NAMA....Daly and a board member called Brian McEnerny on the radio this AM out fighting. Eoghain Murphy Junior TD on also (Noonan went into hospital this week and won't be back until Monday was the main point I took from his blather).
Mick Wallace is putting up the counter-arguments on a very bad phone line....me thinks he's in the 'brothers' vineyard outside Turin


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 Post subject: Re: NAMA, Wallace & the Robinsons
PostPosted: Thu Sep 15, 2016 10:35 am 
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Mantissa wrote:
NWL makes the point that the portfolio was forecast to generate £1.65bn in cash before 2020; if correct then selling it doesn;t make much sense. I'm not sure which NWL this was though.


that's the SF shill NWL :x

all this talk about valuations and 190mln lost is a side show, the valuations were all subjective and the amount of misinformation and misunderstanding (willful or not) in the media today has been unsurprising - the process and criticism of it is the important thing to focus on


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