Nama

[Rover 609]

http://www.irishtimes.com/newspaper/breaking/2010/0330/breaking63.html


Main points of first loan transfers to Nama

The following are the main points of the first loan transfers to Nama :

1 Nama will acquire over 1,200 individual loans with nominal value of €16 billion for a consideration of €8.5 billion, an average discount of 47 per cent.

2 It transferred an initial tranche of loans from Irish Nationwide Building Society and EBS Building Society yesterday.

3 The Agency will transfer the first batch of loans from Bank of Ireland on Friday, April 2nd.

4 The first tranche of loans from AIB and Anglo Irish Bank are expected to be completed by early April.

5 Transfer of remaining loans from all five institutions is expected to be completed by the end of the year and no later than end February 2011, a deadline set by the European Commission.

6 Nama anticipates it will purchase loans with a nominal value of €81 billion.

7 Nama will pay AIB €1.88 billion for loans worth €3.29 billion, a discount of 43 per cent.

8 It will pay €5 billion for €10 billion of Anglo Irish loans.

9 Bank of Ireland will get €1.26 billion for loans worth €1.93 billion.

[Captain_Morgan]

http://www.irishtimes.com/newspaper/breaking/2010/0330/breaking63.html


Main points of first loan transfers to Nama

The following are the main points of the first loan transfers to Nama :

1 Nama will acquire over 1,200 individual loans with nominal value of €16 billion for a consideration of €8.5 billion, an average discount of 47 per cent.

2 It transferred an initial tranche of loans from Irish Nationwide Building Society and EBS Building Society yesterday.

3 The Agency will transfer the first batch of loans from Bank of Ireland on Friday, April 2nd.

4 The first tranche of loans from AIB and Anglo Irish Bank are expected to be completed by early April.

5 Transfer of remaining loans from all five institutions is expected to be completed by the end of the year and no later than end February 2011, a deadline set by the European Commission.

6 Nama anticipates it will purchase loans with a nominal value of €81 billion.

7 Nama will pay AIB €1.88 billion for loans worth €3.29 billion, a discount of 43 per cent.

8 It will pay €5 billion for €10 billion of Anglo Irish loans.

9 Bank of Ireland will get €1.26 billion for loans worth €1.93 billion.

The worry is that a lot of the land that has been bought up will never recover to pre recession prices and that even though nama are paying a huge discount they might never turn a profit on those loans

[rev]

We're fcuked either way with NAMA!

Altho looking at the figures above, BOI looked to get off the easiest on this round

[marathonman]

Discount for Land is nowhere near close to the mark.It needs to be in excess of 85% for zoned land outside the main cities. Most of this land will have go back to what it was since time began. Agricultural land valued at €20k rather than the €1m an acre.
Nama imo will never recover its value as the speculators are gone as are the clowns who lent the money to them in the first place.

[titicamara]

I reckon they'll make money on it in the end, 43% is a big discount.

I'd be interested to see the overall breakdown between land and property and the location of the €80bn of loans, but if the breakdown of the initial €8bn is a reflection of it I would say that it will make money at a 43% discount.

But I did back Arsenal to beat Birmingham at the weekend, so I've been wrong before.

This gives the breakdown of the €8bn, €3bn in Britain is a lot more than I expected. Not sure why they included the mobile phone numbers of the 2 lads at the end.

http://www.rte.ie/news/2010/0330/namaloans.pdf

[marathonman]

I reckon they'll make money on it in the end, 43% is a big discount.

I'd be interested to see the overall breakdown between land and property and the location of the €80bn of loans, but if the breakdown of the initial €8bn is a reflection of it I would say that it will make money at a 43% discount.

But I did back Arsenal to beat Birmingham at the weekend, so I've been wrong before.

This gives the breakdown of the €8bn, €3bn in Britain is a lot more than I expected. Not sure why they included the mobile phone numbers of the 2 lads at the end.

http://www.rte.ie/news/2010/0330/namaloans.pdf

One example of the values was a piece of land in Athlone bought for €31 million was recently valued at €600,000 and the €450 million land at the docklands now virtually worthless.

[redabbey]

NAMA Debt (54.0)
NAMA interest paid (16.0)
Loan servicing and other costs (2.6)
Repayment of loan principal 62.1
Interest received 12.0
Asset recoveries 4.0
Net cash flows (€ billions) 5.5
NPV (€ billions) +4.8

This was the wonderful piece of fiction produced by the government in the nama business plan (http://www.nama.ie/Publications/2009/Business_Plan_13OCT09.pdf).

The 4.8 billion is the profit that nama will have made in 2020.

[GaryMc]

NAMA Debt (54.0)
NAMA interest paid (16.0)
Loan servicing and other costs (2.6)
Repayment of loan principal 62.1
Interest received 12.0
Asset recoveries 4.0
Net cash flows (€ billions) 5.5
NPV (€ billions) +4.8

This was the wonderful piece of fiction produced by the government in the nama business plan (http://www.nama.ie/Publications/2009/Business_Plan_13OCT09.pdf).

The 4.8 billion is the profit that nama will have made in 2020.Does that include inflation Lionel. Biggest swindle in Irish history. Shower of crooks the lot of them. The banks will start robbing mortage payers soon enough and then their tax is paying their wages. Only in Ireland

[titicamara]

One example of the values was a piece of land in Athlone bought for €31 million was recently valued at €600,000 and the €450 million land at the docklands now virtually worthless.

Yeah, there are plenty of horror stories like that included, but if the mix of undeveloped land is as low as the first €8.5bn and property prices make any sort of come back in the next 10 years, which they probably will, it may work out ok.

The Docklands one is getting plenty of focus, but if you think about it at around €240m when you take the discount into account, it represents about 0.3% of the whole of what Nama have taken on. I reckon we might see a few government departments down there in future, in an attempt to cut Nama's loss on that one.

[redabbey]

Does that include inflation Lionel. Biggest swindle in Irish history. Shower of crooks the lot of them. The banks will start robbing mortage payers soon enough and then their tax is paying their wages. Only in Ireland

I have not the foggiest idea Gary but if you click on this link to Primetime (http://www.rte.ie/news/2009/0917/primetime_av.html?2612108,null,230) on the 17/09/09 Willie O'Dea will explain it properly.

[Anfield Old Boys]

Discount for Land is nowhere near close to the mark.It needs to be in excess of 85% for zoned land outside the main cities. Most of this land will have go back to what it was since time began. Agricultural land valued at €20k rather than the €1m an acre.
Nama imo will never recover its value as the speculators are gone as are the clowns who lent the money to them in the first place.

+ 1

One example of the values was a piece of land in Athlone bought for €31 million was recently valued at €600,000 and the €450 million land at the docklands now virtually worthless.

a 40 or 50% discount aint gona cover this along with all the ghost estates...they are virtually worthless now

[Rebelred80]

They should have just nationalized the banks. Speculators will get away with it while working class people will be paying for it for years.
If they really cared about ordinary people they would revalue mortgages

[marathonman]

Yeah, there are plenty of horror stories like that included, but if the mix of undeveloped land is as low as the first €8.5bn and property prices make any sort of come back in the next 10 years, which they probably will, it may work out ok.

The Docklands one is getting plenty of focus, but if you think about it at around €240m when you take the discount into account, it represents about 0.3% of the whole of what Nama have taken on. I reckon we might see a few government departments down there in future, in an attempt to cut Nama's loss on that one.

Property prices will not come back as the banks will not lend to speculators without massive equity and the investors have not got the required equity nor the stomach for it as there will be little or no growth, therefore the risk far outweighs the possible gain.
Secondly the Docklands land is toxic and therefore at present to expensive to develop as there are to many other cheaper alternatives and also govt depts will be downsizing not expanding.

[F@ces]

They should have just nationalized the banks. Speculators will get away with it while working class people will be paying for it for years.
If they really cared about ordinary people they would revalue mortgages

It will cost every man, woman and child in this country about €10,000 for this monumental f*ck up.

The rich get richer. The poor inherit the debt.

[prendy]

It will cost every man, woman and child in this country about €10,000 for this monumental f*ck up.

The rich get richer. The poor inherit the debt.

exactly, we will be years and years paying this off.

I dont like Joan Bruton but she made a good point on TV3 last night: for the next 10+ years regardless of who is running the country the minister for finance is going to have to put money towards this, taking money gained in tax away from schools hospitals etc.

Its the legacy these p*icks have left us and our children.

[F@ces]

exactly, we will be years and years paying this off.

I dont like Joan Bruton but she made a good point on TV3 last night: for the next 10+ years regardless of who is running the country the minister for finance is going to have to put money towards this, taking money gained in tax away from schools hospitals etc.

Its the legacy these p*icks have left us and our children.

It just beggars belief. You were regarded as almost anti-Irish if you even remotely questioned what they were doing. This finally makes things much more real - the questions been asked will the Irish public now say enough is enough and protest/riot - line the streets of Dublin and bring the city to a halt. Maybe we should.

[titicamara]

Property prices will not come back as the banks will not lend to speculators without massive equity and the investors have not got the required equity nor the stomach for it as there will be little or no growth, therefore the risk far outweighs the possible gain.
Secondly the Docklands land is toxic and therefore at present to expensive to develop as there are to many other cheaper alternatives and also govt depts will be downsizing not expanding.

Yeah, that's true about the property prices, the worst thing about all this is that keeping the banks in business means that they're still in control of how the whole thing comes back. The government have inserted clauses about how the banks need to loan out certain amounts to SMEs, but it has to be seen how these are enforced. If they can force the banks to loan money and as a result get things back together and reduce unemployment, I think the demand for property will come back and as a result prices will rise in time, but to nothing like previous levels.

But the cause of all this was the banks being let do what they please and running the country into the ground, as a result the government have been backed into a corner and come up with NAMA. I think it's not a bad solution, given the circumstances, but only time will tell. The big thing for me is whether the government will stand up to the banks this time around, whoever the government may end up being. It's going to make for an interesting few years ahead.

[prendy]

It just beggars belief. You were regarded as almost anti-Irish if you even remotely questioned what they were doing. This finally makes things much more real - the questions been asked will the Irish public now say enough is enough and protest/riot - line the streets of Dublin and bring the city to a halt. Maybe we should.

I know how you feel but it's not really going to help get the country back on its feet though.

the way i see it is: whats done is done, we can cry all we like but we cant change the past. We now find ourselves in this position where the country has been loaded with enormous debt caused by very very few but which will affect us all(ironic were discussing this on LFC forum:rolleyes:)

we need to do a few things in my oppinion:

1) put safeguards in place to ensure that this is never allowed to happen again, banks and financial institutions should be kept on a very tight lead and the Financial regulator has to be more proactive in ensuring that these organisations comply to all regulations. the country fcuked up and it would be crazy not to learn a lesson from such an expensive mistake. It should be a criminal offence to be so reckless with the country's finances.

2) Innovate, we need Irish industry, at the moment we have dam all and as a small country we cant hope to prosper without creating real wealth internally (not fake property wealth). We can no longer rely on the american multi-nationals to supply us with jobs.

3) take responsibility: We as a nation are brilliant at passing blame from our political leaders right down to the man on the street. Alot of people in the country bought second and third houses then turn around and blame the banks for lending them money, same with Credit card debt, i have a friend who has run up 000's on her CC and is amazed and bitter that the bank are now charging her interest on her debt. Just coz the banks will give you 500k doesnt mean you should accept it.
the reality of the situation is that people saw a chance to get rich by all becoming landlords etc. If there was no demand for houses the developers wouldnt have built as much.

[titicamara]

I know how you feel but it's not really going to help get the country back on its feet though.

the way i see it is: whats done is done, we can cry all we like but we cant change the past. We now find ourselves in this position where the country has been loaded with enormous debt caused by very very few but which will affect us all(ironic were discussing this on LFC forum:rolleyes:)

we need to do a few things in my oppinion:

1) put safeguards in place to ensure that this is never allowed to happen again, banks and financial institutions should be kept on a very tight lead and the Financial regulator has to be more proactive in ensuring that these organisations comply to all regulations. the country fcuked up and it would be crazy not to learn a lesson from such an expensive mistake. It should be a criminal offence to be so reckless with the country's finances.

2) Innovate, we need Irish industry, at the moment we have dam all and as a small country we cant hope to prosper without creating real wealth internally (not fake property wealth). We can no longer rely on the american multi-nationals to supply us with jobs.

3) take responsibility: We as a nation are brilliant at passing blame from our political leaders right down to the man on the street. Alot of people in the country bought second and third houses then turn around and blame the banks for lending them money, same with Credit card debt, i have a friend who has run up 000's on her CC and is amazed and bitter that the bank are now charging her interest on her debt. Just coz the banks will give you 500k doesnt mean you should accept it.
the reality of the situation is that people saw a chance to get rich by all becoming landlords etc. If there was no demand for houses the developers wouldnt have built as much.

It's great to hear a reasonable opinion on this, I haven't heard one on this, the media or the opposition aren't providing one, the opposition are just trying to make the most of this to ensure they get in when it comes to the next general election.

It's time to deal with the balls up, the banks first and foremost and the government for not regulating properly are at fault. The problem is huge, but what's the point in saying that it's going to cost 3 years tax takings to fix it, no matter what it has to be fixed as the alternative of letting the banks fall is not an option for us.

[F@ces]

Prendy, good post - I completely agree that there is no point in protests or anything. I just wonder if people will get even more angry now and take to the streets.

One thing I would add to your list of things is that attitude also needs to change somewhat in this country - particularly related to achieving success in business. It's like Bono said years ago on the Late Late - in the US someone could have a rich neighbor who started his own company and now owns a big house/car. They look at that person and go "fair play to him - he built that himself, he employs people etc. I aspire to that". In Ireland we see the same people and become begrudgers, "Ah sure, he's probably driving that big car because he's compensating for something", "Sure I heard that he's doing XYZ behind his wifes back", "Ah, I bet he's not happy with all that money". In this country we have a very poor attitude towards entrepreneurship.

That attitude needs to change as well. We are where we are as you said, and we need to work our way out of it. I believe that both the public and private sectors need improvements to work towards an attitude of hard work and reward for such. No more protected jobs, no more tolerating lazy employers/employees - everyone has to work their asses off in whatever industry they are in to play their part in trying to get the country back on it's feet. Those that add value to their industries should be rewarded; those that cruise through their 9-5 and to get a paycheck and don't give a sh*te shouldn't be. A model whereby those that work hard and dedicate themselves reap the benefits. Maybe that's idealistic, I don't know.

It's the way I see it anyway. Crying isn't gonna solve anything. Hard work might.

[bobby benitez]

I know how you feel but it's not really going to help get the country back on its feet though.

the way i see it is: whats done is done, we can cry all we like but we cant change the past. We now find ourselves in this position where the country has been loaded with enormous debt caused by very very few but which will affect us all(ironic were discussing this on LFC forum:rolleyes:)

we need to do a few things in my oppinion:

1) put safeguards in place to ensure that this is never allowed to happen again, banks and financial institutions should be kept on a very tight lead and the Financial regulator has to be more proactive in ensuring that these organisations comply to all regulations. the country fcuked up and it would be crazy not to learn a lesson from such an expensive mistake. It should be a criminal offence to be so reckless with the country's finances.

2) Innovate, we need Irish industry, at the moment we have dam all and as a small country we cant hope to prosper without creating real wealth internally (not fake property wealth). We can no longer rely on the american multi-nationals to supply us with jobs.

3) take responsibility: We as a nation are brilliant at passing blame from our political leaders right down to the man on the street. Alot of people in the country bought second and third houses then turn around and blame the banks for lending them money, same with Credit card debt, i have a friend who has run up 000's on her CC and is amazed and bitter that the bank are now charging her interest on her debt. Just coz the banks will give you 500k doesnt mean you should accept it.
the reality of the situation is that people saw a chance to get rich by all becoming landlords etc. If there was no demand for houses the developers wouldnt have built as much.

Nail Hammer Head. Same people get the blame all the time, politicans, developers and bankers. Ordinary Middle aged Joe should be added to that list.

[Juan]

Bertie ahern has a lot to answer for imo. he has let his cronies, rip the irish people off during his years in office...he has heaped pain and poverty on the backs of irish people for years to come.
And yet he still swans around with several pensions and his dail salary...still living the good life.
while we all know he is a conman,and a perjurer...who ripped the piss out of irish people for years.
A minister for finance without a bank account!......A Taoiseach without a tax compliant cert! "I won it on the horses"!
Buying votes.....brown envelopes..lying in court. yet hes just been given tax exemption on his book,as it falls under the category of Art!
Him and his cronies should be in jail..full stop.They abused their power time after time,and now us..and our children are going to have to pay,one way or the other.Have no doubt that they wont be paying for it.
How these people are still allowed to walk the streets is beyond me.
Who,if anybody will be held accountable for this rip off?

[prendy]

Bertie ahern has a lot to answer for imo. he has let his cronies, rip the irish people off during his years in office...he has heaped pain and poverty on the backs of irish people for years to come.
And yet he still swans around with several pensions and his dail salary...still living the good life.
while we all know he is a conman,and a perjurer...who ripped the piss out of irish people for years.
A minister for finance without a bank account!......A Taoiseach without a tax compliant cert! "I won it on the horses"!
Buying votes.....brown envelopes..lying in court. yet hes just been given tax exemption on his book,as it falls under the category of Art!
Him and his cronies should be in jail..full stop.They abused their power time after time,and now us..and our children are going to have to pay,one way or the other.Have no doubt that they wont be paying for it.
How these people are still allowed to walk the streets is beyond me.
Who,if anybody will be held accountable for this rip off?


while i agree that corruption was rife how does apportining blame help us get us out of this mess. If we do prosecute some individuals (i would love to see this happen BTW) how will that improve our current situation?

And we as a people had no problem with FF and whoever spending every cent they took in for the last 15 years. Its only when things went pearshaped that we cry "you should have saved for a rainy day"
as they say hindsight is alway 20 20

EVERY PARTY even the opposition in their election promises of the early 00's spoke of how they would increase spending on this, cut tax on that yada yada.

If any party came out in '02 and said we want to set aside 500m for a rainy day fund would we have voted for them??? not frikin likely. we wanted improved roads, bigger hospitals etc and thats exactly what every party offered us.

Fact is we ALL enjoyed the spending of the last 15 years and we were ALL in some small irresponsible with spending.

[fermoyred80]

Nail Hammer Head. Same people get the blame all the time, politicans, developers and bankers. Ordinary Middle aged Joe should be added to that list.

I agree totally, the lives we were living were crazy, people talking 2 -3 holidays a year, the milf next door driving a BMW jeep while the husband is a painter etc. Yes the government fcked up but so did we as a nation and need to stop pointing the finger and look at ourselves first and stop wingeing

[F@ces]

I agree totally, the lives we were living were crazy, people talking 2 -3 holidays a year, the milf next door driving a BMW jeep while the husband is a painter etc. Yes the government fcked up but so did we as a nation and need to stop pointing the finger and look at ourselves first and stop wingeing

Well if one good thing is to come out of this it might be we'll see less people in huge jeeps driving around the city. I swear to God it wrecks my head! :D

[bobby benitez]

I agree totally, the lives we were living were crazy, people talking 2 -3 holidays a year, the milf next door driving a BMW jeep while the husband is a painter etc. Yes the government fcked up but so did we as a nation and need to stop pointing the finger and look at ourselves first and stop wingeing

Any pictures? :D

[Juan]

while i agree that corruption was rife how does apportining blame help us get us out of this mess. If we do prosecute some individuals (i would love to see this happen BTW) how will that improve our current situation?

And we as a people had no problem with FF and whoever spending every cent they took in for the last 15 years. Its only when things went pearshaped that we cry "you should have saved for a rainy day"
as they say hindsight is alway 20 20

EVERY PARTY even the opposition in their election promises of the early 00's spoke of how they would increase spending on this, cut tax on that yada yada.

If any party came out in '02 and said we want to set aside 500m for a rainy day fund would we have voted for them??? not frikin likely. we wanted improved roads, bigger hospitals etc and thats exactly what every party offered us.

Fact is we ALL enjoyed the spending of the last 15 years and we were ALL in some small irresponsible with spending.

And if nobody gets the blame?

[Benbecul97]

while i agree that corruption was rife how does apportining blame help us get us out of this mess. If we do prosecute some individuals (i would love to see this happen BTW) how will that improve our current situation?

And we as a people had no problem with FF and whoever spending every cent they took in for the last 15 years. Its only when things went pearshaped that we cry "you should have saved for a rainy day"
as they say hindsight is alway 20 20

EVERY PARTY even the opposition in their election promises of the early 00's spoke of how they would increase spending on this, cut tax on that yada yada.

If any party came out in '02 and said we want to set aside 500m for a rainy day fund would we have voted for them??? not frikin likely. we wanted improved roads, bigger hospitals etc and thats exactly what every party offered us.

Fact is we ALL enjoyed the spending of the last 15 years and we were ALL in some small irresponsible with spending.

I agree totally, the lives we were living were crazy, people talking 2 -3 holidays a year, the milf next door driving a BMW jeep while the husband is a painter etc. Yes the government fcked up but so did we as a nation and need to stop pointing the finger and look at ourselves first and stop wingeing

Im sorry, but this "we all" business is a pile of muck. Speak for yourselves. You cannot generalise. I can say I certainly wasnt living a crazy life - spend, spend spend!

I didnt take 2-3 holidays a year. I didnt upgrade to a big fancy car/4x4 when I could have with the way banks were throwing money at people. Sure take the holidays and buy the 4x4... but only if you have disposable income or can comfortably meet the repayments on any loan you might have - even in the bad times.

During the Celtic tiger years, and especially now, it was and still is about individual responsibility. This "we all" just really annoys me.

[fermoyred80]

Im sorry, but this "we all" business is a pile of muck. Speak for yourselves. You cannot generalise. I can say I certainly wasnt living a crazy life - spend, spend spend!

I didnt take 2-3 holidays a year. I didnt upgrade to a big fancy car/4x4 when I could have with the way banks were throwing money at people. Sure take the holidays and buy the 4x4... but only if you have disposable income or can comfortably meet the repayments on any loan you might have - even in the bad times.

During the Celtic tiger years, and especially now, it was and still is about individual responsibility. This "we all" just really annoys me.

You should have plenty of money so to pay the mortgage etc :D:D only joking lad

[Juan]

This made me laugh....oh the irony!

http://www.anticorruption.ie/

[GaryMc]

Im sorry, but this "we all" business is a pile of muck. Speak for yourselves. You cannot generalise. I can say I certainly wasnt living a crazy life - spend, spend spend!

I didnt take 2-3 holidays a year. I didnt upgrade to a big fancy car/4x4 when I could have with the way banks were throwing money at people. Sure take the holidays and buy the 4x4... but only if you have disposable income or can comfortably meet the repayments on any loan you might have - even in the bad times.

During the Celtic tiger years, and especially now, it was and still is about individual responsibility. This "we all" just really annoys me.

I agree. Plenty of the ordinary 5/8 in society did not benefit from the Celtic Tiger as much as people would lead you to believe. I don't know too many people in rural areas driving any in BMWs or taking three holidays a year. Those living that lifestyle will be still be living it for years to come as they are the ones who made money in the early years. Its the ordinary Joe Soap who was duped into putting his life savings in a sham of an investment in mid 00's by crook bankers that I feel sorry for. The goverment who led everyone down this path are central to the blame. There are definately outside factors that the whole world is dealing with right now, so they have to be considered. The fact remains though there are few western world economies in as bad a state as ours. BTW the way I have no affliation with any party and no jack shit about economiciesies or whatever. :D

[Juan]

NAMA is a Bailout for the Developers....Says one of the developers!
Sickening for the ordinary people in Ireland that are suffering negative equity,and hardship through no fault of their own.

http://www.politico.ie/irish-politics/7927-harry-crosbie-reveals-the-truth-about-nama.html

[prendy]

NAMA is a Bailout for the Developers....Says one of the developers!
Sickening for the ordinary people in Ireland that are suffering negative equity,and hardship through no fault of their own.

http://www.politico.ie/irish-politics/7927-harry-crosbie-reveals-the-truth-about-nama.html

IF this proves true then NAMA as an entity has failed. Its sole purpose was to deal with the mess and get the most amount possible from each and every loan. What has happened is that its just another stupid board for the click to sit on and get directos fees.
Crosbie, McNamarra and co are too entwined with the political parties to ever get fully followed. They owe us (taxpayers) billions but do you think its affected their lifestyle in any way? Not likely.
This topic makes my blood boil as NO ONE who owes 100m + are being followed for their debts or being made pay their loans back including interest etc. Its a disgrace.

[Red7778]

You know they are trouble when they are trying to sell off paintings of some developer whose taste in art is probably not that great to begin with. . Go after the wives. They have all the property.

[MrsPepe]

Feckin hell:mad:

A wage decrease and USC charges and these b******s suffer nothing

[Juan]

Is there any end to the corruption in this country?Proof that NAMA only benefits those that bankrupted the country.

http://www.irishtimes.com/newspaper/finance/2011/1027/1224306561471.html

[Garrett]

I wasn't actually shocked at all when this news came out ....

I'd actually heard on the grape vein that they were paying people up to €300k per year, in certain cases ...

[Captain_Morgan]

I wasn't actually shocked at all when this news came out ....

I'd actually heard on the grape vein that they were paying people up to €300k per year, in certain cases ...

Yeah to maintain the lifestyle they have been accustomed to :rolleyes:

fcukin banana republic

[Garrett]

Yeah to maintain the lifestyle they have been accustomed to :rolleyes:

fcukin banana republic


Sure the entire thing is a joke mate.....

At one level, there's no doubt we need "experts" to try and develop the properties and get the best possible prices for them and no doubt about it, Ireland's a small place ...

But in the next breath, look at how many of these "experts" have all their proeprties in NAMA, should be declared bankrupt and yet, have a massive gaff on Ailsbury Road or somethwere, for just 3-4 people to live in.

If the Government needs to pay some of these people to help complete their developments, network and sell some of the properties then fine, thats life, pay them something if we have to ... but FFS, why shouldn't they be put out of thier multi million Euro mansions and transferred into a modest semi-d / terraced house, in order to sell the mansions and pay something down against their debts ?

Everyone is entitled to try and have a family home, but thats a "normal" family home nothing more ....

[Juan]

Another kick in the teeth for the Irish citizen.
Paul Appleby,who was employed to look into the possible fraud and corruption at Anglo Irish Bank..has retired a day early so he can claim €300,000.

http://www.irishexaminer.com/ireland/appleby-quit-one-day-early-to-net-300k-190257.html