Looking through the written answers last Thursday in the Dail, we get what seems on here to be one of the clearest insights into the operation of NAMA. We learn:
(1) For all the bluster about NAMA’s billions of sales, the Agency had only booked €2.7bn to the end of September 2011
(2) Shockingly NAMA has made a profit of only €132m on these sales, and remember these sales were supposed to be of better quality assets in markets where prices had improved after November 2009
(3) We learn that although NAMA is prevented from selling property to defaulting developers, NAMA is allowed to sell property to its Qualified Investment Funds which can then sell that property to anyone, including defaulting developers.
(4) NAMA has not yet had EU approval on the acquisition of 2/3rds of its loans
(5) The Government is still claiming that any eventual NAMA losses will be recharged to the banks, pro-rataed to the original par value of loans acquired from those banks. So Anglo and INBS will be recharged 50% of any NAMA loss.
(6) Finally, FINALLY we have confirmation that NAMA does NOT have any debt reduction target by the end of 2013 enshrined in any Troika agreement. There are commitments for asset disposals, operational costs and governance but NOTHING about redeeming NAMA’s bonds
(7) NAMA is funding a GBP 20,000 (€24,000) piece of research on landbank and development issues inNorthern Irelandwith theUniversityofUlster
(8) NAMA hasn’t even made provision for what the media estimate will be €7m of legal costs relating to the Paddy McKillen court challenge which Paddy substantially won at the Supreme Court in early 2011
(9) NAMA has approved overheads of an average of €1.3m per developer or €55m for 41 developers. So much for NAMA and its €70-100,000 or €200,000 salaries.