"this ridiculous NAMA plan"

[ludermor]

Thanks for the lesson.
Who is giving FF 54bn ( im sure you have blamed them for ruining the economy)

[Rossfan]

You , me and our descendants for 3 generations at least are paying the €54bn( for property worth about €10bn)

[Rois]

I said it on the other thread - I think they need to invest in some lower level staff to help clear the bottlenecks.  I think it's a much more complex process than anticipated, which isn't really NAMA's fault.  It's an evolving process.

[Celt_Man]

170k for the chairman is not a huge amount of money and 50k for the board members seems very low! The scale of what they are doing they need to have a very high calibare of person working there.

What about them doing it for lower pay because of their patriotic duty?  A la the rest of us being told to shop in the south regardless of the price...

Bullshite the whole thing

[Bogball XV]

Thanks for the lesson.
Who is giving FF 54bn ( im sure you have blamed them for ruining the economy)

well, maybe you've missed a lot of this, so I should explain NAMA to you, the irish taxpayer is buying developer loans from the banks.  The suggested payment for these, shall we say 'troubled loans' is €54Bn (Irish tax revenue at present is in the region of €30Bn p.a).  The Irish govt (In God we trust etc) have valued the loans we're buying at €47Bn, that whilst obviously illogical would be good value to the taxpayer they feel. 
Recent commercial court representations concerning some of the lands being transferred have suggested that perhaps the govt's valuation is a tad optimistic, the country's foremost commercial judge (Justice Kelly) has put valuations of 10% of loan value and 5% of loan value in the two most recent high profile cases.  It seems impossible to disagree with these judgements as they are based on commercial reality, the govt (God love them) are using a different basis to value said loans, it's called 'long term economic value'

Given the above, I  think that the likes of myself and Rossfan etc are allowed a little latitude whilst we laugh and make fun of any of you idiots who think this 'solution' might be an actual solution, and forgive me ludemor if you don't agree with it, but i've had a few and can't be bothered trawling back through to see if you're for or against this ridiculous plan.

[ludermor]

i think you may need to explain it a bit better to me, yes they are buying the loans from the developers but they are buying good and bad loans. They need to have people who can run the 'good' developments or finish off the unfinished ( and viable ) developments. The fucked up developments ( of which there are a lot) have different requirments and i dont know what will happen to these. 
i havent said i agree with NAMA but that is what is happening so we have to hope it goes to plan for the sake of the country.  To do that we need good people administering Nama, and i havent a clue if have the right people there at the minute.
You can laugh if you wish but what is your solution? Let every developer go wallop and have most of the developments and land in the hands of banks ( who are bankrupt themselves?), I cant see an easy way out but i would love to see one. If things keep go the way there are all the banks will go to the wall ( get nationalised?) and most developers and the land will be in limbo. in all seriousness what would happen then?

[tyronefan]

they are not buying the land of the developers, they are buying it of the banks.

The developer still has to pay back all the money they borrowed whether it is to the banks or to Nama and a lot of the smaller developers loans will not come under Nama as Nama only are taking loans over 5m and only loans from Irish banks

It is the banks who are getting their money although it is only 70% of what they lent which I am sure a lot of people would be happy with if offered.

It is crazy these people are getting rises and them only 3 months into the job, surely they had to have some idea of the work load.

[Denn Forever]

Hopefully the start of something  better.

Two thousand new homes to help cut social housing wait

TWO THOUSAND NEW homes will be added to the country's social housing stock next year, the Government and Nama have announced


http://www.thejournal.ie/two-thousand-new-homes-to-help-cut-social-housing-wait-310902-Dec2011/

[Tony Baloney]

What happened Zapa?

[seafoid]

http://namawinelake.wordpress.com/2012/06/25/nama-announces-first-demolition-of-apartment-block-in-ireland

ThresholdIre Any views on NAMA demolishing 12 flats in "state of disrepair" in Longford when 335 families on housing waiting list there? 2 hours ago

[Rossie11]

According to the Last Word yesterday evening there are close to 4000 units unoccupied in Longford so knocking these 12 shouldn't stop them sorting out the waiting lists.
These apartments were build in 2002 and if they couldn't be sold during the "boom" they will never be sold.

[Premier Emperor]

http://namawinelake.wordpress.com/2012/06/25/nama-announces-first-demolition-of-apartment-block-in-ireland

ThresholdIre Any views on NAMA demolishing 12 flats in "state of disrepair" in Longford when 335 families on housing waiting list there? 2 hours ago

Knocking down 12 dwellings in Longford would be what I'd consider a good start!