NAMA and competition law – on a collision course?

Consider the following scenario: you’re one of the 10-odd non-NAMA banks nursing bad property loans in the State and let’s say you advanced a development loan on a few acres in Bandon, Co Cork. Like many development loans advanced during the boom, the loan went bad with the collapse in property values. Today you are [...]

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Senator point-blank refuses to provide details of alleged NAMA wrong-doing in Seanad debate

I must say that for myself, I am beginning to seriously doubt Senator Mark Daly’s claims of wrong-doing at NAMA, something covered extensively on here last week (part 1 detailed the interview on the Pat Kenny show and part 2 examined the issues) following claims made by the Senator reported in the press and which [...]

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Deposit flight continues unabated in December 2010, ECB data reveals

I see that it will be next Tuesday 1st February, 2011 when the Central Bank of Ireland releases its data for December 2010 which will show how deposits fared since the announcement of the IMF/EU bailout at the end of November, 2010. For those of you expecting a massive inflow of deposits in December as [...]

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Shenanigans afoot as AIB lobbies Minister on NAMA loans policy?

Simon Carswell at the Irish Times bring us a story today which begs some basic questions about the future of Irish banking. He reports that AIB (that’s the zombie bank which we legally 49.9%-own at present but in reality we own 92%+) has recently lobbied the Department of Finance to change the policy on NAMA [...]

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Affordability and Irish residential property

There are two surveys out this week that, on first glance, paint a contradictory picture of prices of residential property in the State. This morning saw the publication of the long-running EBS/DKM survey on affordability (with press release here) which concluded that we are today spending a smaller proportion of our net income on new [...]

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FF senator accuses NAMA of selling loans back to the original developers at below market values. “A scam of monumental proportions” he claims. (Part 2 of 2)

This is the second entry to deal with the allegations made in the last couple of days by Fianna Fail senator, Mark Daly, including allegations made in an interview with Pat Kenny on RTE yesterday morning. The allegations were of shenanigans involving loans acquired by NAMA. There is a full transcript of the interview with [...]

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FF senator accuses NAMA of selling loans back to the original developers at below market values. “A scam of monumental proportions” he claims. (Part 1 of 2)

This morning on RTE radio, a 34-year old Fianna Fail senator, Mark Daly, an auctioneer (Irish term for a profession that frequently encompasses the roles of valuer and estate agent) alleged that he was aware of shenanigans involving loans (that is, more than one) acquired by NAMA. The one he outlined related to a property [...]

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New NAMA Bill represents lunacy apex in policy response to the financial crisis

NAMA’s valuation methodology for sub-€20m loans after the abandonment of loan-by-loan due diligence and valuation. The %s used are illustrative. A couple of weeks ago on here I bemoaned journalism standards in Irish media and it is a topic with which I introduce an analysis of an aspect of the NAMA (Amendment) Bill published yesterday [...]

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Google set to acquire Montevetro building in €90m NAMA deal

(UPDATE: 3rd March, 2011. Now that this transaction has been formally announced, there is a more comprehensive post dealing with the transaction here) It was reported last week that Google was seeking to buy its present accommodation at Gordon House on Barrow Street in central Dublin and temporarily relocate across the road in Treasury’s Montevetro [...]

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Is NAMA breaking competition law in its dealings with the Revenue Commissioners?

Not that developers can expect any great outpouring of sympathy but in recent days there have been suggestions (for example here and here) that NAMA is actively sharing information with the Revenue Commissioners to “identify any tax implications arising”, according to Neil Callanan at the Sunday Tribune. It should be remembered that NAMA is effectively [...]

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